In an unexpected turnaround, Valkyrie  has announced that it will cease the purchase of Ethereum (ETH) futures contracts for its Bitcoin Strategy ETF until an amendment to the fund’s registration statement takes effect. Valkyrie confirmed the news in a press release today.

This announcement arrived on the heels of Valkyrie’s initial endeavor into the Ethereum futures market, which has now been put on hold source from SEC’s announcement.

Previously, Valkyrie had planned to be one of the first to provide a U.S based ETF combining Bitcoin and Ethereum futures. This sudden pivot in strategy comes amidst a period of intense activity and uncertainty for crypto ETFs as reported by CryptoSlate.

In addition to Valkyrie’s abrupt decision, the SEC is reportedly preparing to possibly approve an Ethereum (ETH) futures exchange-traded fund (ETF) as early as the first week of October, according to Bloomberg analysts.

ETF approval race

The SEC has also begun proceedings to determine the future of several spot Bitcoin ETFs. The commission is currently seeking public comments on a variety of issues related to these ETFs, such as their vulnerability to fraud and manipulation, the inherent resistance of Bitcoin to market manipulation, and the potential effectiveness of a surveillance-sharing agreement with Coinbase in detecting and preventing fraud source.

These recent developments underscore the increasingly dynamic and unpredictable nature of the crypto ETF landscape. As regulatory bodies like the SEC continue to navigate this complex arena, the fate of various cryptocurrency ETFs hangs in the balance. Whether the potential approval of an Ethereum futures ETF will set a precedent for future offerings remains to be seen. Similarly, the outcome of the SEC’s proceedings concerning various spot Bitcoin ETFs could have a significant impact on the future of cryptocurrency investments.