Valkyrie Funds, which already offers a Bitcoin strategy ETF and a Bitcoin miner ETF, joins the race for the first Bitcoin ETF backed by cryptocurrency. With this new initiative, Valkyrie aims to provide investors with direct exposure to bitcoin as an underlying asset, providing an additional option to access the cryptocurrency market in a regulated and simplified way.
Valkyrie Funds: New deposit for the first Bitcoin ETF
Valkyrie Funds, which already offers a bitcoin strategy ETF and a bitcoin miner ETFjoins the race for the first spot Bitcoin ETF with a new filing submitted to the United States Securities and Exchange Commission (SEC) on Wednesday.
Called the Valkyrie Bitcoin Fund, this ETF will hold bitcoin to mirror the performance of the CME CF Bitcoin Reference Rate, New York Variant. The fund intends to list its shares on the Nasdaq stock exchange under the symbol BRRR.
In October 2021, Valkyrie launched the second BTC futures ETF in the US, the Valkyrie Bitcoin Strategy ETF (BTF), and launched the Valkyrie Balance Sheet Opportunities (VBB) in December of the same year. VBB was liquidated in October 2022. Valkyrie also runs the Valkyrie Bitcoin Miners ETF (WGMI), which tracks the securities of companies that derive revenue or profit from BTC mining activity.
On May 16, the company filed an application for a BTC futures ETF that would be called the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD). The BTFD would be a fund rather than a trust, unlike the ETF on spot BTC offered by the company.
The race for the first Bitcoin ETF
While the major players in the investment industry continue to compete to launch the first BTC ETF, the market’s attention is strongly drawn to these products. If ETFs on BTC were to be approved by the SEC, it could pave the way for wider adoption of cryptocurrencies and allow investors to easily participate in the BTC market. through regulated and accessible products.
Valkyrie thus joins other players in the industry who seek to offer investors a variety of investment options in the field of cryptocurrencies. The SEC has yet to approve a spot Bitcoin ETF. WisdomTree, Invesco, and BlackRock have all filed applications for Bitcoin ETFs over the past week.
Unconfirmed reports suggest Fidelity will file for a Bitcoin ETF. Meanwhile, BTC continues to soar, with an increase of 18.6% % at the time of writing this article.
Source: cointelegraph