On Thursday, Valkyrie introduced a new leveraged Bitcoin product, the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFX).
This leveraged ETF aims to provide twice the daily return of a Bitcoin futures index.
According to the company, the BTFX tracks the CME Bitcoin Futures index and launches on a scheduled basis. This launch follows the SEC's approval of several spot Bitcoin ETFs last month, including those from Valkyrie, BlackRock and Grayscale.
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It has taken years for the crypto sector to get approval for a spot Bitcoin ETF.
Leah Wald, CEO of Valkyrie, has said the launch of BTFX demonstrates the firm's commitment to providing investors with innovative options for accessing the digital asset ecosystem.
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With the increased focus on Bitcoin, many traders and investors are interested in using financial instruments to participate in this space.
As a leader in digital asset-focused ETFs, Valkyrie wanted to offer investors a high-yield fund.