In a significant development in the crypto industry, Valkyrie, a prominent cryptocurrency fund manager, is applying for a Bitcoin spot Exchange-Traded Fund (ETF). The company has filed an S-1 registration form with the United States Securities and Exchange Commission (SEC) on June 21, seeking to list its fund on the Nasdaq under the ticker BRRR.
This news follows several similar applications from other financial institutions over the past week, indicating a potential paradigm shift in the industry’s view of the cryptocurrency market.
Valkyrie is no stranger to the world of Bitcoin ETFs, particularly futures ETFs. The company launched its second Bitcoin futures ETF in the U.S., the Valkyrie Bitcoin Strategy ETF (BTF), in October 2021. This was followed by the introduction of the Valkyrie Balance Sheet Opportunities (VBB) in December the same year, although it was liquidated in October 2022. Furthermore, Valkyrie manages the Valkyrie Bitcoin Miners ETF (WGMI), an ETF that tracks the performance of companies generating revenue or profits from Bitcoin mining.
In addition to its Bitcoin spot ETF plans, Valkyrie applied for a Bitcoin futures ETF on May 16. This new fund, dubbed the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD), differentiates itself by being a fund rather than a trust, similar to the structure proposed for its Bitcoin spot ETF.
Valkyrie’s decision to enter the Bitcoin spot ETF arena was reportedly influenced by its competitors’ recent actions. Valkyrie Investments CIO Steven McClurg previously expressed his belief that a Bitcoin ETF could become feasible in a future administration or through legislative measures.
It appears Valkyrie’s competitors have similar thoughts, as BlackRock, WisdomTree, and Invesco all filed for Bitcoin spot ETFs within a week of Valkyrie’s filing. Unconfirmed reports also suggest Fidelity may soon join the fray. Amidst these significant movements, Bitcoin’s value has seen a marked increase, surging by 6.41% at the time of writing.
This flurry of activity suggests a potentially transformative phase in the cryptocurrency industry, with financial giants racing to take advantage of the rising interest in Bitcoin and crypto assets. As the Bitcoin spot ETF race intensifies, market watchers and investors alike will be eagerly awaiting the SEC’s response to these filings.
