Prior to the launch of an ETF, Valkyrie reverses its purchase of ether futures contracts.

Speculation has arisen from Bloomberg analyst Eric Balchunas, suggesting that the United States Securities and Exchange Commission (SEC) might have exerted pressure on asset management firm Valkyrie. This pressure seems to have led Valkyrie to delay its acquisition of Ethereum (ETH) futures contracts until the official approval of the Exchange-Traded Fund (ETF) they pertain to.

According to the SEC filing, “The Fund will unwind any existing positions in ether futures contracts.” Despite these developments, attempts to reach out to Valkyrie by Cointelegraph at the time of publication yielded no response. The reason behind the firm’s swift change in stance within less than 24 hours remains unclear. Notably, Valkyrie had previously submitted an application to the SEC in August, seeking approval to list an Ether futures ETF on the Nasdaq Stock Market. However, the regulator has yet to make a decision on the proposed rule change that would facilitate this investment vehicle.

The financial landscape anticipates the debut of several ETFs offering exposure to Ether futures in the first week of October. These ETFs include offerings from VanEck, Bitwise, and ProShares. However, on September 28, the SEC opted to postpone its decision on a proposal for a spot Bitcoin (BTC) ETF from Valkyrie. Similar delays affected proposals from BlackRock, Invesco, and Bitwise. These delays came just weeks ahead of the SEC’s scheduled ETF deadlines, raising speculation that these actions might be a response to the looming possibility of a U.S. government shutdown. Members of Congress are under the clock, with a September 30 deadline to present a bill that secures government funding for the next fiscal year, awaiting the signature of U.S. President Joe Biden.

The post Prior to the launch of an ETF, Valkyrie reverses its purchase of ether futures contracts. appeared first on BitcoinWorld.