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Valkyrie, a renowned fund management firm, is boldly venturing into new territory within the cryptocurrency realm by pursuing the establishment of a Bitcoin spot exchange-traded fund (ETF). The company's recent announcement on June 21 places Valkyrie among several financial institutions seeking approval from the United States Securities and Exchange Commission (SEC) for such ventures.
In the S-1 registration form submitted to the SEC, Valkyrie expressed its intention to list their fund under the "BRRR" symbol on the Nasdaq, solidifying its presence in the cryptocurrency sector.
Notably, Valkyrie has prior experience with Bitcoin futures ETFs. It previously introduced two such ETFs: the Valkyrie Bitcoin Strategy ETF (BTF) in October 2021 and the Valkyrie Balance Sheet Opportunities (VBB) in December of the same year. However, the VBB was liquidated by October 2022. The firm also operates the Valkyrie Bitcoin Miners ETF (WGMI), a platform that monitors companies profiting from Bitcoin mining.
In May, Valkyrie made a notable move by proposing a Bitcoin futures ETF called the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD). Interestingly, the BTFD was presented as a fund, deviating from the trust structure proposed for the BTC spot ETF.
Valkyrie's venture aligns with other market peers who are capitalizing on the opportunities presented by the Bitcoin landscape. Just days prior to Valkyrie's announcement, industry giants such as BlackRock, WisdomTree, and Invesco expressed similar ambitions. There are also rumors suggesting that Fidelity may soon join the race. Meanwhile, Bitcoin's value has been experiencing a sharp rise, underscoring the increasing interest in cryptocurrency investments.
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