Cryptocurrency fund manager Valkyrie has joined the race to launch a bitcoin spot exchange-traded fund (ETF) by submitting an S-1 registration form with the US Securities and Exchange Commission (SEC) on June 21. Valkyrie aims to list its fund on Nasdaq under the symbol BRRR. This move comes as several other financial firms, including BlackRock, WisdomTree, and Invesco, also filed applications for similar BTC spot ETFs. Fidelity is rumored to be considering submitting an application as well. Valkyrie , known for its Bitcoin- focused investment offerings, has already launched BTC futures ETFs and operates the Valkyrie Bitcoin Miners ETF, which tracks companies involved in BTC mining.
Valkyrie's interest in pursuing a bitcoin spot ETF was reportedly spurred by the recent activities of its competitors in the market. Steven McClurg, Chief Investment Officer at Valkyrie Investments, expressed his belief on a podcast that a BTC ETF would likely become a re ality in the future , either with a different government administration after the next election or through legislative action. Meanwhile, BTC's value continues to surge, currently experiencing a 6.41% increase at the time of writing.
The application for a bitcoin spot ETF marks Valkyrie's latest endeavor in expanding its investment offerings. The company previously launched BTC futures ETFs and has recently liquidated its Valkyrie Balance Sheet Opportunity fund. With its experience and expertise in the cryptocurrency space, Valkyrie aims to make its mark in the growing market for BTC-focused investment products.
