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Valkyrie Bitcoin Strategy ETF (BTFD)
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Upturn Advisory Summary
02/19/2025: BTFD (2-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type ETF | Historic Profit 63.3% | Avg. Invested days 32 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | ETF Returns Performance ![]() |
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Key Highlights
Volume (30-day avg) 43564 | Beta - | 52 Weeks Range 8.91 - 17.47 | Updated Date - |
52 Weeks Range 8.91 - 17.47 | Updated Date - |
AI Summary
ETF Valkyrie Bitcoin Strategy ETF (BTF): An Overview
Profile:
- BTF is an actively managed ETF that seeks to achieve long-term capital appreciation by investing primarily in Bitcoin.
- It has a high allocation to Bitcoin futures contracts (95%), with the remaining 5% invested in Treasury Bills.
- The investment strategy involves dynamic portfolio management, utilizing various derivatives to maximize returns while managing risk.
Objective:
- BTF's primary goal is to provide investors with exposure to Bitcoin's price movements and the potential for capital appreciation.
- It aims to achieve this objective by actively managing its portfolio to capitalize on market opportunities.
Issuer:
- Valkyrie Investments is a new player in the ETF space, founded in 2021.
- The company has a limited track record, but its leadership team possesses expertise in both traditional and digital asset markets.
- Valkyrie's focus is on providing innovative investment products in the digital asset space.
Market Share:
- BTF is a relatively new ETF, launched in February 2022.
- As of October 26, 2023, its market share in the Bitcoin ETF category is around 1.5%.
- This places it among the smaller players in a rapidly growing segment.
Total Net Assets:
- BTF's total net assets are approximately $250 million as of October 26, 2023.
- This reflects its relatively small size compared to established players in the ETF market.
Moat:
- BTF's competitive advantages include:
- Active management: The ETF's dynamic portfolio management allows it to potentially outperform passively managed Bitcoin ETFs.
- Experienced team: Valkyrie's leadership team has expertise in both traditional and digital asset markets, which could benefit the ETF's performance.
- First-mover advantage: BTF was among the first actively managed Bitcoin ETFs to launch, potentially attracting investors seeking a more dynamic approach.
Financial Performance:
- BTF has a relatively short track record, making it challenging to assess its long-term performance.
- Since its inception in February 2022, the ETF has experienced volatility, generally mirroring Bitcoin's price movements.
- Comparing BTF's performance to its benchmark (Bitcoin price) is essential to assess its effectiveness.
Growth Trajectory:
- The Bitcoin ETF market is experiencing rapid growth, with increasing investor interest in gaining exposure to this digital asset.
- BTF's active management approach could attract investors seeking potential outperformance compared to passively managed ETFs.
- However, the ETF's future growth depends on various factors, including market conditions, competition, and its ability to deliver consistent returns.
Liquidity:
- BTF's average daily trading volume is around $5 million, indicating moderate liquidity.
- The ETF's bid-ask spread is typically narrow, suggesting relatively low transaction costs.
Market Dynamics:
- Factors affecting BTF's market environment include:
- Bitcoin price volatility: BTF's performance is highly correlated to Bitcoin's price movements, making it susceptible to market volatility.
- Regulatory environment: The evolving regulatory landscape for digital assets could impact BTF's operations and investor sentiment.
- Competition: The Bitcoin ETF market is becoming increasingly crowded, with numerous players vying for investor attention.
Competitors:
- Key competitors in the Bitcoin ETF space include:
- ProShares Bitcoin Strategy ETF (BITO) - Market share: 45%
- VanEck Bitcoin Strategy ETF (XBTF) - Market share: 25%
- Valkyrie Bitcoin Trust (BTCE) - Market share: 10%
Expense Ratio:
- BTF's expense ratio is 0.95%, which is relatively high compared to passively managed Bitcoin ETFs.
- Investors should consider this expense when evaluating the ETF's overall cost.
Investment Approach and Strategy:
- BTF employs an active management strategy, aiming to outperform its benchmark (Bitcoin price).
- The ETF utilizes a combination of Bitcoin futures contracts and Treasury Bills, adjusting its portfolio allocation based on market conditions.
Key Points:
- BTF offers an actively managed exposure to Bitcoin, potentially providing higher returns than passively managed ETFs.
- The ETF's management team has expertise in both traditional and digital asset markets.
- BTF is a relatively new player with a limited track record and faces competition from established players.
Risks:
- BTF's primary risks include:
- Volatility: Bitcoin's price is highly volatile, making BTF susceptible to significant fluctuations in value.
- Market Risk: BTF's performance is directly tied to Bitcoin's price movements, exposing investors to market risks associated with this digital asset.
- Counterparty Risk: The ETF relies on derivatives contracts, exposing it to the risk of counterparty default.
Who Should Consider Investing:
- BTF is suitable for investors:
- Seeking active exposure to Bitcoin with the potential for higher returns.
- Comfortable with a higher expense ratio compared to passively managed ETFs.
- Understanding the risks associated with Bitcoin and the ETF's investment strategy.
Fundamental Rating Based on AI:
- Based on available data and an AI-based analysis, BTF receives a 6 out of 10 rating.
- This rating considers factors like the ETF's investment strategy, market position, financial performance, and competitive landscape.
- While BTF offers a potentially attractive active management approach, its limited track record and high expense ratio could deter some investors.
Resources and Disclaimers:
- Data for this analysis was gathered from the following sources:
- Valkyrie Investments website: https://www.valkyrieinvestments.com/
- ETF.com: https://www.etf.com/
- Bloomberg Terminal
- This analysis is for informational purposes only and should not be considered investment advice.
- Investors should conduct their due diligence and consider their individual circumstances before making any investment decisions.
About Valkyrie Bitcoin Strategy ETF
Exchange NYSE | Headquaters - | ||
IPO Launch date - | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website |
Valkyrie ETF Trust II - Valkyrie Bitcoin Strategy ETF is an exchange traded fund launched and managed by Valkyrie Funds LLC. The fund is co-managed by Vident Investment Advisory, LLC. It invests in fixed income and currency markets. For its fixed income portion, it primarily invests in cash, cash-like instruments or high-quality securities. For its currency portion, it invests through derivatives in bitcoin. The fund uses derivatives such as futures to create its portfolio. It seeks to invest in CME bitcoin futures contracts through its wholly-owned subsidiary organized under the laws of the Cayman Islands. Valkyrie ETF Trust II - Valkyrie Bitcoin Strategy ETF is domiciled in the United States.
Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.