Valkyrie Funds Joins the Fray for Premier Bitcoin ETF with Wednesday’s SEC Submission
In an effort to secure the coveted position of launching the first spot bitcoin exchange-traded fund (ETF), Valkyrie Funds has made a notable move by filing an official application with the U.S. Securities and Exchange Commission (SEC) on Wednesday. This comes as an addition to their existing offerings, namely the Bitcoin Strategy ETF and the Bitcoin Miners ETF.
Dubbed as the Valkyrie Bitcoin Fund, this ETF aims to hold bitcoin as an underlying asset, tracking the performance of the CME CF Bitcoin Reference Rate, specifically the New York Variant. If approved, the trust plans to list the fund’s shares on the Nasdaq exchange, utilizing the ticker symbol BRRR.
While the SEC is yet to grant approval for a spot bitcoin ETF, other prominent players like WisdomTree, Invesco, and BlackRock have also submitted their filings for similar funds in the past week.
As the interest surrounding the world’s largest cryptocurrency, based on market capitalization, continues to grow, its price has experienced a significant surge, rising by 16% over the past week. On Wednesday, the crypto recorded a further increase of 6.3%, reaching a trading value of $30,114, as reported by TradingView.