CoinShares Bitcoin and Ether ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 5 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About BTF
TheFund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objectiveby investing all or substantially all of its assets in exchange-traded futures contracts on bitcoin and ether (individually,“Bitcoin Futures Contracts” and “Ether Futures Contracts” and, collectively, “Bitcoinand Ether Futures Contracts”) and “Collateral Investments” (as defined below) (together with Bitcoin andEther Futures Contracts, “Bitcoin- and Ether-Linked Investments”). The Fund’s investment in Bitcoin and EtherFutures Contracts will be approximately equally weighted as of the rebalance date and will be rebalanced on a monthly basis, providedthat during rebalancing periods or while taking temporary defensive positions, the Fund may be over- or under-weight withrespect to one or another type of Bitcoin and Ether Futures Contract. The Fund does not directly invest in bitcoin orether. Rather, the Fund seeks to benefit from increases in prices to Bitcoin and Ether Futures Contracts. Undernormal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in Bitcoinand Ether Futures Contracts. For purposes of this investment test, derivative contracts (such as Bitcoin and Ether Futures Contracts)will be valued using their notional value. The Fund invests indirectly, via a wholly-owned subsidiary of the Fund organized underthe laws of the Cayman Islands (the “Subsidiary”), in standardized, cash-settled futures contracts on Bitcoin-and Ether-Linked investments. TheFund is classified as “non-diversified” under the Investment Company Act of 1940 (the “1940 Act”). Bitcoin,ether and Bitcoin and Ether Futures Contracts are a relatively new asset class and are subject to unique and substantial risks,including the risk that the value of the Fund’s investments could decline rapidly, including to zero. Bitcoin, ether andBitcoin and Ether Futures Contracts have historically been more volatile than traditional asset classes. You should be preparedto lose your entire investment. Bitcoinand Ether Bitcoinand ether are digital assets. The ownership and behavior of bitcoin and ether is determined by participants in online, peer-to-peer networksthat connect computers that run publicly accessible, or “open source,” software that follows the rules and proceduresgoverning the Bitcoin Network and Ethereum Networks, respectively. The Bitcoin Network and Ethereum Network are a peer-to-peer paymentnetworks that operates on a cryptographic protocol, commonly referred to as the “Bitcoin Protocol” or “EthereumProtocol.” The value of bitcoin and ether is not backed by any government, corporation or other identified body. Their valueis determined, in part, by the supply and demand in markets created to facilitate the trading of bitcoin and ether. Ownershipand the ability to transfer or take other actions with respect to bitcoin or ether is protected through public-key cryptography.Public-key cryptography, or asymmetric cryptography, is an encryption scheme that uses two mathematically related, but notidentical, keys - a public key and a private key. Unlike symmetric key algorithms that rely on one key to both encrypt and decrypt,each key performs a unique function. The public key is used to encrypt and the private key is used to decrypt. Bitcoin,the Bitcoin Network and the operating software that governs the Bitcoin Network were initially discussed in a white paper thatwas attributed to an individual named Satoshi Nakamoto. However, no individual has been reliably identified as bitcoin’screator, and it is generally believed that the name is a pseudonym for the actual inventor(s). The first bitcoin were createdin 2009 upon the release of the Bitcoin Network source code (i.e., the software and protocol that created and launched the BitcoinNetwork). Since 2009, the Bitcoin Network has been actively developed by a group of engineers known as Core Developers. Bitcoinis an open-source project, and it is not represented by an official organization or authority. The supply of bitcoin is constrainedformulaically by the Bitcoin Protocol instead of being explicitly delegated to an identified body (e.g., a central bankor corporate treasury) to control. Units of bitcoin are treated as mutually interchangeable (i.e., fungible). No singleentity owns or operates the Bitcoin Network, which is collectively maintained by (1) a decentralized group of participants whorun computer software that results in the recording and validation of transactions (these parties are commonly referred toas “miners”), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforcesthe Bitcoin Protocol and (3) users who choose what bitcoin software to run. From time to time, the developers suggest changesto the bitcoin software, and if a sufficient number of users and miners elect not to adopt the changes, a new digital asset, operatingon the earlier version of the bitcoin software, may be created, commonly referred to as a “fork”. The price of theBitcoin Futures Contracts in which the Fund invests may reflect the impact of these forks. TheEthereum Network was originally described in a 2013 white paper by Vitalik Buterin, a programmer involved with bitcoin, with thegoal of creating a global platform for decentralized applications powered by smart contracts. The formal development of the EthereumNetwork began through a Swiss firm called Ethereum Switzerland GmbH in conjunction with several other entities. Subsequently,the Ethereum Foundation, a Swiss non-profit organization, was set up to oversee the protocol’s development. The EthereumNetwork went live on July 30, 2015. Unlike other digital assets such as bitcoin, which are solely created through a progressivemining process, 72.0 million ether were created in connection with the launch of the Ethereum Network. The initial 72.0 millionether were distributed as follows: InitialDistribution: 60.0 million ether, or 83.33% of the supply, was sold to the public in a crowd sale conducted between Julyand August 2014 that raised approximately $18 million which was used to fund the development of the Ethereum Network. EthereumFoundation: 6.0 million ether, or 8.33% of the supply, was distributed to the Ethereum Foundation for operational costs. EthereumDevelopers: 3.0 million ether, or 4.17% of the supply, was distributed to developers who contributed to the EthereumNetwork. DeveloperPurchase Program: 3.0 million ether, or 4.17% of the supply, was distributed to members of the Ethereum Foundation topurchase at the initial crowd sale price. Followingthe launch of the Ethereum Network, ether supply initially increased through a progressive mining process. Following the introductionof EIP-1559, described below, ether supply and issuance rate varies based on factors such as recent use of the network. Coincidingwith the network launch, it was decided that EthSuisse would be dissolved, designating the Ethereum Foundation as the sole organizationdedicated to protocol development. Historically and continuing through the present, the development of the source code of theEthereum protocol has been overseen by the Ethereum Foundation and the core developers. The core developers evolve over time,largely based on self-determined participation. The Ethereum Network is decentralized in that it does not require governmentalauthorities or financial institution intermediaries to create, transmit or determine the value of ether. Rather, following theinitial distribution of ether, ether is created, burned and allocated by the Ethereum Network protocol through a process thatis currently subject to an issuance and burn rate. Among other things, ether is used to pay for transaction fees and computationalservices (i.e., smart contracts) on the Ethereum Network; users of the Ethereum Network pay for the computational power ofthe machines executing the requested operations with ether. Requiring payment in ether on the Ethereum Network incentivizes developersto write quality applications and increases the efficiency of the Ethereum Network because wasteful code costs more. It also ensuresthat the Ethereum Network remains economically viable by compensating people for their contributed computational resources. Bitcoinand ether may be regarded as a currency or digital commodity depending on its specific use in particular transactions. Bitcoinand ether may be used as a medium of exchange or unit of account. Although a number of large and small retailers accept bitcoinand ether as a form of payment in the United States and foreign markets, there is relatively limited use of bitcoin and etherfor commercial and retail payments. Similarly, bitcoin and ether may be used as a store of value (i.e., an asset that maintainsits value rather than depreciating), although they have experienced significant periods of price volatility. Thevalue of bitcoin and ether is determined by the value that various market participants place on bitcoin through their transactions.Price discovery occurs through secondary market trading on bitcoin and ether trading platforms, over-the-counter tradingdesks and direct peer-to-peer payments. Many digital asset trading platforms are open 24 hours a day, 7 days a week. Digitalasset trading platforms and over-the-counter trading desks have a relatively limited history, limited liquidity and tradingacross trading platforms order books which has resulted in periods of high volatility and price divergence among trading platforms.In addition, during high volatility periods, in addition to price divergences, some bitcoin and ether trading platforms have experiencedissues related to account access and trade execution. Bitcoinand Ether Futures Contracts Futurescontracts are financial contracts the value of which depends on, or is derived from, the underlying reference asset. In the caseof Bitcoin and Ether Futures Contracts, the underlying reference asset is bitcoin and ether, respectively. Futures contracts maybe physically-settled or cash settled. The only futures contracts in which the Fund invests (as described below) are cash-settled Bitcoinand Ether Futures Contracts. “Cash-settled” means that when the relevant futures contract expires, if the value ofthe underlying reference asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of thatexcess. Alternatively, if the futures contract price exceeds the value of the underlying reference asset, the purchaser pays tothe seller cash in the amount of that excess. In a cash-settled futures contract on bitcoin or ether, the amount of cashto be paid is equal to the difference between the value of the bitcoin or ether, respectively, underlying futures contract atthe close of the last trading day of the contract and the futures contract price as specified in the agreement. TheFund will invest indirectly, via the Subsidiary, in standardized, cash-settled futures contracts on bitcoin and ether. Suchfutures contracts are traded on commodity exchanges registered with the Commodity Futures Trading Commission (the “CFTC”).Currently, the Bitcoin and Ether Futures Contracts in which the Fund will invest are only traded on the Chicago Mercantile Exchange(the “CME”). The value of Bitcoin and Ether Futures Contracts on the CME are determined by reference tothe CME CF Bitcoin Reference Rate and CME CF Ether Reference Rate, respectively, each of which provide an indication of the volume-weighted averageprice of bitcoin and ether across certain trading platforms. Asthe futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This processis referred to as “rolling.” The Fund intends to “roll” its Bitcoin and Ether Futures Contracts priorto expiration. The Fund’s investment sub-adviser, Vident Advisory, LLC (d/b/a Vident Asset Management) (“Vident” orthe “Sub-Adviser”), with oversight from the Fund’s investment adviser, Valkyrie Funds LLC (“Valkyrie” orthe “Adviser”), seeks to invest in “front month” Bitcoin and Ether Futures Contracts. “Frontmonth” contracts are the monthly contracts with the nearest expiration date. Typically, the Fund will roll to the next “nearby”Bitcoin and Ether Futures Contracts. The “nearby” contracts are those contracts with the next closest expiration date.There is no guarantee that such a strategy will produce the desired results. TheFund’s investment in the Subsidiary is intended to provide the Fund with exposure to the bitcoin and ether futures marketsin accordance with applicable rules and regulations. The Subsidiary and the Fund will have the same investment adviser, investmentsub-adviser and investment objective. The Subsidiary will also follow the same general investment policies and restrictionsas the Fund. Except as noted herein, for purposes of this Prospectus, references to the Fund’s investment strategies andrisks include those of the Subsidiary. The Fund complies with the provisions of the Investment Company Act of 1940 (the “1940Act”) governing investment policies and capital structure and leverage on an aggregate basis with the Subsidiary. Furthermore,the Adviser, as the investment adviser to the Subsidiary, complies with the provisions of the 1940 Act relating to investmentadvisory contracts as it relates to its advisory agreement with the Subsidiary. The Subsidiary also complies with the provisionsof the 1940 Act relating to affiliated transactions and custody. The Subsidiary’s custodian is U.S. Bank National Association.In order to qualify as a regulated investment company (“RIC”) for purposes of federal income tax treatmentunder the Internal Revenue Code of 1986, as amended (the “Code”), the Fund may have to reduce its exposureto its Subsidiary on or around the end of each of the Fund’s fiscal quarter ends. If, in any year, the Fund were to failto qualify for the special tax treatment accorded a RIC under Subchapter M of the Code and its shareholders, and were ineligibleto or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federalincome tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets andthe amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be requiredto recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. CollateralInvestments Inaddition to the investments in Bitcoin and Ether Futures Contracts, the Fund (and the Subsidiary, as applicable) will invest itsremaining assets directly in cash, cash-like instruments or high-quality securities (collectively the “CollateralInvestments”). The Collateral Investments may consist of high-quality securities, which include: (1) U.S. Governmentsecurities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; and/or (3) corporate debt securities,such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment gradeor determined by the Sub-Adviser to be of comparable quality. For these purposes, “investment grade” is definedas investments with a rating at the time of purchase in one of the four highest categories of at least one nationally recognizedstatistical rating organizations (e.g., BBB- or higher from S&P Global Ratings or Baa3 or higher from Moody’sInvestors Service, Inc.). The Collateral Investments are designed to provide liquidity (i.e., provide an asset thatcan easily be exchanged for cash), and satisfy the “margin” requirements applicable to the Fund’s futures portfolio,which require that the Fund post collateral to secure its obligations under those contracts. Collateral Investments may also beinvested in as Secondary Investments, as described below. Inorder to help maintain the desired level of exposure to Bitcoin and Ether Futures Contracts, the Fund may enter into reverse repurchaseagreements, a form of borrowing in which the Fund sells portfolio securities to financial institutions and agrees to repurchasethem at a mutually agreed-upon date and price that is higher than the original sale price, and use the proceeds for investmentpurchases. SecondaryInvestments TheFund’s investment in futures contracts will be limited by the position limits established by the derivatives exchange applicableto such contracts. Currently, the position limit for Bitcoin Futures Contracts on the CME is 2,000 contracts for an applicablemonth, with each contract representing five bitcoin, while the position limit for Ether Futures Contracts is 8,000 contracts foran applicable month, with each contract representing 50 ether. The Fund will be prohibited from purchasing Bitcoin and Ether FuturesContracts in excess of these limits. If the Fund is prohibited by applicable position limits from buying additional front monthBitcoin and Ether Futures Contracts, the Fund will invest, in the discretion of the Sub-Adviser, in longer dated Bitcoin and EtherFutures Contracts and/or additional Collateral Investments (collectively, “Secondary Investments”).
BTF News
- Price-Driven Insight from (BTF) for Rule-Based Strategy
- (BTF) Price Dynamics and Execution-Aware Positioning
- (BTF) as a Liquidity Pulse for Institutional Tactics
- (BTF) as a Liquidity Pulse for Institutional Tactics
- Bristol, TN Fire Department prepared for hot holiday weekend
- Earn as You Stake: This Cute New Meme Coin Combines P2E Gaming and Staking
- (BTF) Risk Channels and Responsive Allocation
- Valkyrie Bitcoin Strategy ETF (BTF) to Issue Quarterly Dividend of $0.06 on June 18th
- Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF) Shares Down 1.9% – Time to Sell?
Data for BTF is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.