Valkyrie, a cryptocurrency fund manager, has recently filed an application for a Bitcoin spot exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). This move follows a series of similar applications by various financial firms in the past week. On June 21, Valkyrie submitted an S-1 registration form to the SEC, expressing its intention to list the ETF on the Nasdaq under the symbol BRRR.
While this marks Valkyrie’s foray into Bitcoin spot ETFs, the company is no stranger to the cryptocurrency market. In October 2021, it launched the second BTC futures ETF in the U.S., known as the Valkyrie Bitcoin Strategy ETF (BTF). Later, in December of the same year, Valkyrie introduced the Valkyrie Balance Sheet Opportunities (VBB) ETF, which was liquidated in October 2022. Additionally, Valkyrie operates the Valkyrie Bitcoin Miners ETF (WGMI), a fund that tracks the securities of companies involved in BTC mining and deriving revenue or profits from it.
On May 16, Valkyrie submitted another application, this time for a BTC futures ETF called the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD). Unlike the proposed BTC spot ETF, BTFD would function as a fund rather than a trust.
The move by Valkyrie to apply for a Bitcoin spot ETF reflects the growing interest in providing regulated investment opportunities for cryptocurrencies. As more financial firms seek to enter the cryptocurrency market through ETFs, it remains to be seen how regulators will respond and what impact these developments will have on the broader adoption of cryptocurrencies in traditional finance.