Cryptocurrency fund manager Valkyrie is applying for a bitcoin exchange-traded fund (ETF), joining several other financial firms that filed similar applications with the U.S. Securities and Exchange Commission (SEC) last week. Valkyrie deposit an S-1 registration form for a Bitcoin cash ETF with the SEC on June 21. In it, the company indicated that it would seek to list its fund on Nasdaq under the symbol BRRR.
Valkyrie is a regular at Bitcoin (BTC) futures ETFs. It launched the second BTC futures ETF in the United States, the Valkyrie Bitcoin Strategy ETF (BTF), in October 2021 and launched the Valkyrie Balance Sheet Opportunities (VBB) in December of the same year. It liquidated VBB in October 2022. Valkyrie also runs the Valkyrie Bitcoin Miners ETF (WGMI), which tracks securities of companies that derive their revenue or profit from BTC mining.
On May 16, the company submitted an application for a BTC futures ETF called Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD). BTFD would be a fund rather than a trust, as is the case with the company’s proposed BTC cash ETF.
And we have another! Most interesting here with this updated Valkyrie Bitcoin Fund prospectus – they changed their exchange to Nasdaq (same as BlackRock) and they gave us a ticker $BRRR. pic.twitter.com/3QxeFRfLPy
—James Seyffart (@JSeyff) June 21, 2023
Valkyrie was apparently inspired to take action by the recent activity of her competitors. Steven McClurg, chief investment officer of Valkyrie Investments, told Cointelegraph in a The hash podcast in March that he believed a BTC ETF would only be possible “in a future administration after the next election or through legislative action.”
Related: Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers intensify
However, BlackRock filed for listing of a BTC spot ETF on the Nasdaq as a trust on June 15. WisdomTree and Invesco filed similar requests on June 20. There are also unconfirmed reports that Fidelity will file for a BTC spot ETF. Meanwhile, BTC is rising precipitously, up 6.41% at the time of writing.
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