First Trust Delays Launch of SkyBridge Crypto ETF to October 2024

The delay highlights strategic timing in a volatile market for cryptocurrency investments.

October 18, 2024

Launch of SkyBridge Crypto Industry ETF Pushed to October 21

First Trust Exchange-Traded Fund VIII has delayed the launch of its highly anticipated SkyBridge Crypto Industry and Digital Economy ETF, initially filed in May 2024. According to a post-effective amendment filed with the U.S. Securities and Exchange Commission (SEC), the new effective date has been set for October 21, 2024.

The amendment aims to extend the timeline for this ETF, signaling the need for strategic adjustments given the fluctuations in the broader crypto market. The series falls under First Trust’s established suite of ETFs, and the decision to defer the launch appears aligned with ensuring optimal market conditions for the debut.

Strategic Timing Amidst Market Conditions

The SkyBridge Crypto Industry and Digital Economy ETF is poised to offer exposure to companies within the rapidly growing digital asset space. However, with cryptocurrency markets undergoing volatility throughout 2024, this delay may reflect First Trust's attempt to align its offering with a more stable investment environment.

The filing underscores the procedural aspects of managing ETFs in a regulatory landscape, confirming that the original content of the ETF prospectus will remain unchanged. Instead, this amendment solely updates the launch date.