Valkyrie, a cryptocurrency fund manager, has submitted an application to the Securities and Exchange Commission (SEC) for a Bitcoin spot exchange-traded fund (ETF), joining a number of other financial institutions who have recently done the same. On June 21, Valkyrie submitted an S-1 registration form to the SEC for a Bitcoin spot ETF. It stated that the company intended to try to launch its fund on the Nasdaq under the ticker name BRRR.
When it comes to Bitcoin futures ETFs, Valkyrie is an expert. In October 2021, it introduced the Valkyrie Bitcoin Strategy ETF (BTF), the second BTC futures ETF in the US, and in December of the same year, it introduced the Valkyrie Balance Sheet Opportunities (VBB). VBB was dissolved in October 2022. Additionally, Valkyrie manages the Valkyrie Bitcoin Miners ETF (WGMI), which tracks stocks of businesses that make money or generate revenue from bitcoin mining.
The business submitted an application on May 16 for the Valkyrie BTC Futures Leveraged Strategy ETF (BTFD), a BTC futures ETF. As with the firm’s proposed BTC spot ETF, BTFD would be a fund as opposed to a trust.
The recent activities of its rivals appears to have motivated Valkyrie to act. In a March episode of the Hashing It Out podcast, Steven McClurg, the chief investment officer at Valkyrie Investments, stated his belief that a BTC ETF would only be feasible “in a future administration after the next elections or through legislative action.”
But on June 15, BlackRock submitted an application to list a BTC spot ETF as a trust on the Nasdaq. On June 20, WisdomTree and Invesco submitted comparable proposals. Unverified rumors also claim that Fidelity will submit an application for a BTC spot ETF. BTC is sharply climbing in the meantime, up 6.41% as of this writing.
Samsung Launches Asia’s First Bitcoin ETF
A wholly owned subsidiary of the South Korean company bearing the same name, Samsung Asset Management, successfully listed the Samsung BTC Futures Active ETF on the Hong Kong Stock Exchange on January 13. The ETF, which started with the ticker 3135:HK, invests in Bitcoin futures listed on the Chicago Mercantile Exchange (CME), attempting to mimic the performance of spot Bitcoin.
Additionally, the ETF will make it easier for investors in the Asia-Pacific time zone to access regulated BTC products. The director of Samsung Asset Management’s Hong Kong branch, Park Seong-jin, said,
“Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management and risk management.”