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Valkyrie Funds halts buying of ethereum for ETF, unwinds existing positions

Valkyrie Funds LLC has announced that it will stop purchasing ethereum for its Valkyrie Bitcoin and Ether Strategy ETF and will unwind any existing positions in the cryptocurrency. This decision is due to a delay in the effectiveness of an amendment to the fund's registration statement that would allow the addition of ether futures contracts to the principal investment strategy. Valkyrie had previously received approval to acquire ethereum futures contracts as part of the conversion of an existing ETF tied only to Bitcoin to include ethereum, but this has now been put on hold. Other firms, including VanEck, ProShares, and Invesco, have filed to list a variety of ETFs tied to ethereum, with launches expected to begin on Monday.

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