Valkyrie Investment has achieved approval from the United States Securities and Exchange Commission (SEC) for its Ethereum (ETH) futures exchange-traded fund (ETF). This development comes after the firm had already been offering Bitcoin (BTC) futures ETFs to its customers. Now, under the renamed product "Valkyrie Bitcoin and Ethereum Strategy ETF," the fund manager will expand its offerings to include Ethereum futures ETFs, starting Monday.

The cryptocurrency market has witnessed a surge of interest in ETFs, reflecting the growing popularity of digital assets. This trend is evident in the increased number of applications for crypto ETFs submitted to the SEC in recent months.

Valkyrie Investment faced competition in the race to launch an ETH ETF, with other firms like VanEck and ProShares also seeking approval for similar products. While Valkyrie offers hybrid ETFs, ProShares and VanEck are gearing up for full-fledged Ethereum futures ETFs. However, none of them have provided a specific timeline for their potential launches.

Following the SEC's approval of Valkyrie's Ethereum futures ETF, the price of ETH experienced a notable increase, surging over 4% in the last 24 hours to reach $1,682. This development led to significant liquidations, totaling around $13.78 million, primarily in short positions.

The interest in ETFs within the cryptocurrency space has been growing steadily over the past few months. Major players in traditional finance, such as BlackRock, filed for spot Bitcoin ETFs with the SEC, which sparked a wave of similar filings by other asset management companies like Fidelity Investments, Invesco, WisdomTree, and more. However, regulatory processes have delayed the introduction of spot Bitcoin ETF offerings, leaving the crypto community awaiting further developments.