BTFD was a solid strategy for crypto trading in 2021. SOPA Images/Getty Images
Valkyrie has changed its ticker for its bitcoin-linked ETF, to BTFD - "buy fucking dip."
It hopes that the name change will appeal to the meme stock crowd and crypto community.
This year, the BTFD trading strategy proved to be successful as crypto markets have soared.
Valkyrie is set to launch its own Bitcoin futures ETF soon and has chosen a ticker to appeal to both crypto enthusiasts and meme-stock traders.
A Monday filing showed that the stock-market ticker of its company will now be BTFD – "buy the fucking Dip."
BTFD - a term used by retail traders - is the buzzword in the highly online crypto community. This strategy has been successful in 2021 when the market for digital assets has grown from $700 billion to over $2.4 trillion.
According to a filing, Valkyrie's product was originally called BTF. The Securities & Exchange Commission approved Valkyrie’s product on Friday.
On Monday, the company made a change to the ticker and gave it a new meaning. The company hopes that the name will give its product an edge over the crypto-traders Gen-Zs and millennials.
Eric Balchunas (senior ETF analyst at Bloomberg) tweeted, "OMG! It looks like Valkyrie changed its ticker to $BTFD." "They must have heard me on Twitter, because that was all I replied to every time we discussed $BTF. This is a classic instant!
Continue reading: Two ETF veterans who are now crypto investors explain why the SEC should approve a Bitcoin ETF that invests directly in digital currency, instead of futures contracts. They also share the 3 biggest pitfalls of a futures based ETF
The Valkyrie ETF will launch this week, provided regulators do not object. This company is an alternative asset manager firm that focuses exclusively on cryptocurrency.
ProShares will launch the first bitcoin futures ETF, on Tuesday. It will trade under the ticker BITO.
Although it is not the bitcoin ETF many expected, the bitcoin futures product has been a huge success and helped drive up the price for the token's highest level since April.
Balchunas stated that it appears Valkyrie will launch their bitcoin futures product Wednesday or Thursday. BITO will be the only market on Tuesday. Valkyrie declined comment.
Invesco has decided to stop plans to launch a Bitcoin Futures ETF and instead focus on creating a pure bitcoin ETF together with crypto investment firm Galaxy Digital.