Valkyrie, a cryptocurrency fund manager, has joined the rush of financial firms applying for a Bitcoin spot exchange-traded fund (ETF).
This move comes as several other companies have recently filed similar applications with the United States Securities and Exchange Commission (SEC). On June 21, Valkyrie submitted an S-1 registration form for a Bitcoin spot ETF, with plans to list the fund on the Nasdaq under the symbol BRRR.
Valkyrie is no stranger to the world of Bitcoin futures ETFs. In October 2021, it launched the Valkyrie Bitcoin Strategy ETF (BTF), becoming the second BTC futures ETF in the U.S. Later in December, the firm introduced the Valkyrie Balance Sheet Opportunities (VBB), which it eventually liquidated in October 2022. Valkyrie also manages the Valkyrie Bitcoin Miners ETF (WGMI), which tracks companies that generate revenue or profits from BTC mining.
The recent activities of its competitors seemingly motivated Valkyrie to take action.
In a podcast interview with Cointelegraph’s Hashing It Out in March, Steven McClurg, Valkyrie Investments’ chief investment officer, expressed his belief that a BTC ETF would only be possible “in a future administration after the next elections or through legislative action.”
However, Valkyrie’s move comes amidst a flurry of ETF applications. BlackRock applied to list a BTC spot ETF as a trust on the Nasdaq on June 15, while WisdomTree and Invesco followed suit with similar applications on June 20.
Additionally, there are unconfirmed reports that Fidelity is also preparing to file an application for a BTC spot ETF. As these developments unfold, the price of BTC continues to rise, currently up 6.41% at the time of writing.
With the growing interest in cryptocurrency investments, financial firms are recognizing the demand for regulated investment vehicles like ETFs.
These funds provide investors with exposure to Bitcoin without having to directly hold the digital asset. While the SEC has yet to approve any Bitcoin spot ETF applications, the increasing number of filings indicates a growing push for such investment products in the market.
Valkyrie’s decision to apply for a BTC spot ETF aligns with its existing offerings in the cryptocurrency space.
If approved, the ETF would provide investors with another option to gain exposure to Bitcoin’s performance. The SEC’s review process will determine the fate of these applications and shape the future of cryptocurrency investment opportunities for retail and institutional investors alike.
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