- Valkyrie has changed the ticker for its bitcoin-linked ETF to BTFD – “buy the fucking dip.”
- It will be hoping that the name change appeals to the crypto community and meme stock crowd.
- The BTFD trading strategy has proved fruitful this year, as crypto markets have soared.
Valkyrie looks set to soon launch its own bitcoin futures ETF and has chosen a ticker that will appeal to crypto fans and meme-stock traders.
A filing on Monday showed that its stock-market ticker will now be BTFD – “buy the fucking dip.”
BTFD – a piece of retail trader lingo – has become the watchword of the extremely online crypto community. It’s been a winning strategy so far in 2021, when the digital assets market has grown from around $700 billion to more than $2.4 trillion.
Valkyrie’s product was initially called BTF and got the nod of approval from the Securities & Exchange Commission on Friday, according to a filing.
The company then made a change on Monday, updating the ticker to give it an entirely new meaning. The company will be hoping the name gives its product the edge among the millennials and Gen-Zs who love to trade crypto.
“OMG, it looks like Valkyrie changed their ticker to $BTFD,” tweeted Eric Balchunas, senior ETF analyst at Bloomberg. “They must have listened to Twitter bc that was like all over my replies every time we talked about $BTF. Talk about an instant classic.”
Read more: 2 ETF veterans-turned crypto investors break down why they think the SEC should approve a bitcoin ETF that invests in the digital currency itself instead of futures contracts – and share the 3 main pitfalls of a futures-based ETF
Valkyrie’s ETF is on track to launch this week, so long as regulators don’t object. The company is an alternative asset management firm that focuses on cryptocurrencies.
It will be competing against ProShares, which is launching the first bitcoin futures ETF on the market on Tuesday. It will trade under the ticker BITO.
Although it’s not the pure bitcoin ETF that many had hoped for, the bitcoin futures product has excited the crypto world and helped push up the price of the token to its highest since April.
Balchunas said it looks like Valkyrie will launch their own bitcoin futures product on Wednesday or Thursday, saying BITO will have the market to itself on Tuesday. Valkyrie declined to comment.
Invesco has cancelled its plans to launch a bitcoin futures ETF, instead deciding to focus on trying to launch a pure bitcoin ETF with crypto investment firm Galaxy Digital.