Valkyrie is launching the second Bitcoin futures exchange-traded fund (ETF) in the U.S., the company announced on Friday.

Valkyrie’s Bitcoin Strategy ETF is set to trade on the Nasdaq under the ticker BTF and will track the value of Chicago Mercantile Exchange (CME) Bitcoin futures.

Futures contracts are financial contracts the value of which depends on, or is derived from, the underlying reference asset. In the case of Bitcoin futures, the underlying reference asset is Bitcoin

"The approval of ETFs based on CME Bitcoin futures is a positive development for the broader Bitcoin ecosystem, and a reflection of the strong growth and client demand for exposure to Bitcoin,” said Tim McCourt, Global Head of Equity Index and Alternative Investment Products at CME.

According to McCourt, the introduction of Bitcoin futures ETFs marks “an important milestone for crypto derivatives, and will be highly complementary to futures, creating new opportunities for a broad array of institutional and retail investors."

Nashville-based Valkyrie has become the third investment firm to receive corresponding approval from the U.S. Securities and Exchange Commission (SEC) after ProShares and VanEck.

ProShares was the first to launch a Bitcoin futures ETF on the New York Stock Exchange earlier this week, and did it with success—ProShares’ Bitcoin Strategy ETF (BITO) traded $280 million worth of shares in a matter of just 20 minutes.

By the end of the trading day on October 19, nearly $1 billion had been traded.

Hot on ProShares heels is VanEck’s Bitcoin Strategy ETF, which will go live on the New York Stock Exchange next week.

VanEck’s product will be the same type of ETF—one that gives investors exposure to the world’s leading cryptocurrency by allowing them to trade shares that represent contracts betting on the future price of Bitcoin.