Cryptocurrency fund manager Valkyrie is applying for a Bitcoin spot exchange-traded fund (ETF), joining several other financial firms that filed similar applications with the US Securities and Exchange Commission (SEC) last week. Valkyrie foot A Bitcoin spot ETF filing Form S-1 with the Securities and Exchange Commission on June 21. In it, the company indicated that it would seek to list its fund on the Nasdaq Stock Exchange under the symbol BRRR.
Valkyrie is a longtime player in the Bitcoin (BTC) futures ETF. It launched its second US-based BTC futures ETF, Valkyrie Bitcoin Strategy ETF (BTF), in October 2021 and launched Valkyrie Balance Sheet Opportunities (VBB) in December of that year. VBB was liquidated in October 2022. Valkyrie also operates the Valkyrie Bitcoin Miners ETF (WGMI), which tracks securities for companies that derive their revenue or profits from BTC mining.
On May 16, the company filed for a BTC futures ETF to be named Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD). The BTFD will be a fund, not a trust, as is the case for the company’s proposed BTC spot fund.
Valkyrie appears to have been inspired to action by the recent activity of its competitors. Stephen McClurg, chief investment officer of Valkyrie Investments, told Cointelegraph in a statement command hash podcast in March that he believes a BTC ETF will only be possible “in a future administration after the next election or through legislative action.”
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However, BlackRock applied for the BTC Spot ETF to be listed on 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, bitcoin is rising rapidly, up 6.41% at the time of writing.
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