Asset manager Valkyrie has started buying Ether (ETH) futures contracts after receiving approval to convert its existing bitcoin futures exchange-traded fund (ETF) into a two-in-one investment vehicle.

Valkyrie was the first company among others to receive approval for an ETF with Ether futures, as it supplemented its prospectus and updated information on the risks associated with Ether futures.

The fund’s new strategy to combine ETH and BTC futures contracts into one ETF will officially come into effect on 3 October and its name will be changed to Valkyrie Bitcoin and Ether Strategy ETF, while the ticker symbol will remain BTF.

The fund will join other organisations that have applied to create ETFs for ETH futures, including the Volatility Shares Ether Strategy ETF, Bitwise Ethereum Strategy ETF, VanEck Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, ProShares Ether Strategy ETF and Grayscale Ethereum Futures ETF.

Earlier today, VanEck, which manages $77.8 billion in assets, said it is preparing to launch an Ethereum futures exchange-traded fund (ETF).