Valkyrie Joins Race for Bitcoin Spot ETF Amidst Competitor Surge

The United States Securities and Exchange Commission (SEC) has received an S-1 registration form for a Bitcoin spot ETF from Valkyrie, a well-known participant in Bitcoin futures ETFs. In the June 21 filing, Valkyrie stated that it intended to float the fund on the Nasdaq exchange with the ticker symbol “BRRR.”

Valkyrie has made the decision to participate in the competition for a Bitcoin spot ETF, motivated by recent moves of its rivals. With the October 2021 introduction of the Valkyrie Bitcoin Strategy ETF (BTF) and the December 2021 debut of the Valkyrie Balance Sheet Opportunities (VBB) (which was liquidated in October 2022) respectively, the business has prior experience in the ETF market. Valkyrie also oversees the Valkyrie Bitcoin Miners ETF (WGMI), which concentrates on businesses engaged in BTC mining.

Valkyrie Reacts to Competitor Activity in Pursuit of BTC ETF

A BTC ETF would only be possible in the future under a different government or through legislative action, according to Valkyrie’s earlier statement. However, Valkyrie has acted and applied for a BTC spot ETF as a result of recent actions by other companies.

Competitors like BlackRock, WisdomTree, and Invesco recently submitted proposals for Bitcoin spot ETFs; BlackRock chose a trust structure, and the others followed a similar course. There are also speculations that Fidelity is getting ready to file an application for a BTC spot ETF. A BTC ETF would only be feasible, according to Valkyrie Investments Chief Investment Officer Steven McClurg, who told Cointelegraph in a Hashing It Out podcast in March, “in a future administration after the next elections or through legislative action.”

As Valkyrie joins the competition, the price of BTC keeps rising and is now up 6.41% as of this writing. Financial institutions’ battle to release BTC ETFs is a reflection of the increased demand and interest from institutional and individual investors for cryptocurrency investment products.