Bitcoin (CRYPTO: BTC) started a sudden and intense rally as the Valkyrie Bitcoin Strategy exchange-traded fund nears Securities and Exchange Commission approval.
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What Happened: Documents released Friday by the CEO of Decentralized Finance (DeFi) protocol CakeDeFi show that the Valkyries Bitcoin Strategy ETF was approved for listing on the Nasdaq stock exchange.
The SEC Twitter profile dedicated to investor education highlighted the need for investors to “carefully weigh the potential risks and benefits” before “investing in a fund that holds Bitcoin futures contracts” in a Thursday tweet.
As Benzinga reported earlier Friday, Bloomberg said earlier today that anonymous sources suggested the SEC would approve a Bitcoin ETF that holds Bitcoin futures instead of actual Bitcoin, and their listing is a “pretty much a done deal.” Bloomberg reported the ProShares Bitcoin Strategy ETF is likely to be approved first and begin trading on Oct. 18, followed by the Invesco Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF.
Price Action: According to CoinMarketCap data, Bitcoin is trading 8.06% higher over 24 hours at $61,716 as of Friday afternoon.