Valkyrie Digital Assets, a financial services firm, has filed an S-1 application form for a Bitcoin spot ETF on June 21, with plans to have its fund listed on the Nasdaq exchange under the symbol BRRR.
With the recent surge in digital asset prices following Invesco’s bid to establish a Bitcoin exchange-traded fund (ETF), Valkyrie joins the queue in seeking approval for crypto-related, exchange-traded products from the SEC.
According to the application, the Valkyrie Bitcoin Fund aims to provide investors with a cost-effective and convenient means of investing in Bitcoin. The fund’s investment strategy revolves around tracking the performance of the value of bitcoin as represented by the CME CF Bitcoin Reference Rate – New York Variant (the “Index”).
To facilitate this process, Valkyrie Digital Assets LLC will serve as the fund’s sponsor. Delaware Trust Company will act as the trustee. U.S. Bancorp Fund Services, LLC will operate as the transfer agent and administrator. An initial custodian (currently unspecified) will fulfill the role of safeguarding the Trust’s assets.
The Trust’s Shares are expected to be listed on The Nasdaq Stock Market, LLC (Nasdaq) under the symbol “BRRR.” Although there was no public market for the Shares before this offering, the Trust plans to establish a trading market for them on Nasdaq, pending notice of issuance.
In October 2021, the company launched the Valkyrie Bitcoin Strategy ETF (BTF), becoming the second Bitcoin futures ETF in the U.S. However, the Valkyrie Balance Sheet Opportunities (VBB) ETF, introduced later that year, was eventually liquidated in October 2022.
Following suit, BlackRock, one of the largest asset management firms, applied on June 15th to list a BTC spot ETF as a trust on the Nasdaq. WisdomTree and Invesco also submitted their applications on June 20th.
The decision of investment institutions to file for spot Bitcoin ETFs demonstrates the increasing recognition of BTC’s potential in traditional finance. These applications acknowledge the industry’s demand for regulated investment, which could lead to broader adoption.