The Ride of Bitcoin ETFs – The ETF season is in full swing in the United States with no less than five funds of investment who have deposited in recent days a asked near Securities and Exchange Commission (DRY). Valkyrie is the latest. Back today to a company which already owns no less than two ETFs around Bitcoin and which does not intend to stop there.
Valkyrie already offers two other ETFs around Bitcoin…
Based in Nashville, Tennessee, Valkyrie is a company that sits on the edge of traditional finance and the emerging crypto-asset sector. It is well known in the cryptosphere, as it has already distinguished itself with two other ETFs that it has already been offering to its clients for a few months. First we find the Valkyrie Bitcoin Strategy ETFwhose nickname is BTF on the financial markets, which relates to futures contracts on Bitcoin.
Earlier in the year, the company introduced a second ETF, this time based on thebitcoin mining industry. THE Valkyrie Bitcoin Miners ETF is available for trading on NADSAQ under the sticker WGMI, which did not fail to make the crypto community smile. In effect, W(A)GMI is the acronym for “We’re gonna make It!” » which means “We’re all going to do it!” » and is a rallying cry for crypto fans around the world.
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… but what about the third on spot bitcoins?
But the best is yet to come with this request for an ETF for bitcoins in spoti.e. whose underlying asset will be bitcoins ringing and stumbling. If the request is accepted, investors will be able to find this exchange-traded fund (ETF) under the acronym BRRR, which is again a nod to crypto culture. “Brr” is used ironically to characterize the action of a central bank that would print large amounts of money in the financial markets. In general, this is quite good for the price of cryptos, although it is not necessarily very good for the overall economy. But this is another debate.
Valkyrie will thus be the fifth to offer its Bitcoin ETF after BlackRock, WisdomTree, Invesco And Bitwise. Although these asset managers did not all file the exact same application, this is clearly a strong signal that institutions are taking a close interest in all this. Moreover, the side spot of these ETFs implies that these companies will have to hold a certain amount of bitcoins in their reserve to be able to offer paper bitcoin. What to make take off even more the courses? To be continued…
Let us recall before going any further that to date, the DRY n / A Never given permission to no Bitcoin ETF spot. Never ! And this despite multiple attempts. Will this bouquet of simultaneous requests be a game-changer? Will the regulator give in to these big institutional players? Answer to come in a few days, even a few weeks. But meanwhile, the markets have already reacted in their own way.
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