Amidst a surge of activity within the ETF space, Valkyrie Investments has renewed Bitcoin spot ETF filing.
What does the money printer hear when money prints? Valkyrie has an answer: it’s $BRRR.
Valkyrie Investments has updated its filing for the Valkyrie Bitcoin Fund with the US Securities and Exchange Commission (SEC).
Valkyrie joins ETF race
Valkyrie Investments filed for its own Bitcoin Fund on Wednesday. The Nashville-based investment firm updated its filing for Valkyrie Bitcoin Fund on Wednesday with the SEC, a fresh prospectus reflecting the recent ETF push in the market.
The firm already has a Bitcoin futures ETF product listed on Nasdaq. However, from closing following the recent events in the market, it appears that it’s changing its approach.
Valkyrie is the smallest firm among the recent big guns that have filed for a Bitcoin ETF—BlackRock and Fidelity. The firm has two exchange-traded funds with roughly $36M in assets under management (AUM) between them.
Digital assets have enjoyed green candles in reaction to BlackRock’s filing to get the first American spot-based Bitcoin ETF.
“The shares are designed to provide investors with a cost-effective and convenient way to invest in Bitcoin,” Valkyrie’s filing states. “The shares represent units of fractional undivided beneficial interest in and ownership of the trust.”
Other firms including WisdomTree, Bitwise, and Invesco have also renewed their filing for a Bitcoin ETF.
It’s of note that Valkyrie had previously applied for the Bitcoin spot ETF but was denied by the SEC in December 2021. The company decided not to sue.
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Company chooses clever ticker
The objective of the Valkyrie Bitcoin Fund, according to the firm, is to reflect the price of the CME CF Bitcoin Reference Rate – New York Variant (BRRNY), which is determined using trading data compiled from a select group of significant Bitcoin exchanges, including Coinbase, Bitstamp, Gemini, itBit, Kraken, and LMAX Digital.
According to the prospectus, BRRNY is the same value that Bitcoin futures contracts, which trade on the Chicago Mercantile Exchange, are settled on.
The new filing reveals some changes from the one rejected earlier. The filing includes a cleverly-named ticker: $BRRR. It also noted that the firm is looking to list on Nasdaq as opposed to the proposed former listing on the NYSE Arca.
This development highlights the growth of the Bitcoin market. While it may be unlikely that SEC grants any of the recent applications, it appears no company is taking the chance in the event that it’s approved.
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