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Day-Trader ‘BTFD’ Mantra Inspires Ticker for Planned Bitcoin ETF By Bloomberg

by Mike Robinson

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© Bloomberg. Bitcoin signage was displayed at the Bitcoin 2021 conference held in Miami (Fla.), U.S.A. on Friday, June 4, 2021. For two days, the biggest Bitcoin event brings 12,000 and more people to Miami.

(Bloomberg). — The first U.S. Futures ETF launched Tuesday, and there are many others in the queue. One little-known asset manger is trying to make a mark by tapping directly into the lexicon for the ticker. 

The Valkyrie Bitcoin Strategy exchange-traded fund, due to debut on Wednesday, will now trade under the ticker BTFD, according to an update to the firm’s filing made late on Monday. 

It’s a profanity-powered version of “Buy the Dip” — a call-to-arms popular with the Reddit army and vindicated over the years as risk assets from stocks to digital assets boomed to new highs after staging precipitous declines. Files suggested that the fund would be listed under the ticker BTF before Monday. 

BTFD aims to become the U.S.’s second-listed fund that is linked to digital assets via futures markets. The ProShares Bitcoin Strategy ETF (NYSE:)) will be the first when it debuts on Tuesday. 

Canada’s Bitcoin ETFs have shown that even with a short time between launches, first-movers can enjoy an advantage. It seems Valkyrie might be trying to get attention to their own offerings. 

It remains to be seen if the Securities and Exchange Commission will permit the suggestive lettering — the amended paperwork comes with a standard disclosure that acknowledges “the information in this Prospectus is not complete and may be changed.” 

“We saw the overwhelming feedback on social media to our initial ticker,” Leah Wald, CEO at Valkyrie Funds, said by email. The firm “decided to make the change in a nod to the broader crypto community,” she said.

Wald indicated that Nasdaq had already adopted the new ticker.

©2021 Bloomberg L.P.

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