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Valkyrie Funds sets October launch for Bitcoin ETF, amid growing trend in traditional finance

EditorPollock Mondal
Published 09/25/2023, 02:47 AM
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Valkyrie Funds, a renowned asset management firm, is set to launch its Bitcoin ETF on October 20, a move that underscores the growing interest in cryptocurrencies among traditional financial entities. The firm originally filed for this product on May 15, according to Bloomberg Intelligence research analyst James Seyffart.

This is not Valkyrie's first venture into the cryptocurrency arena. Back in June 2023, an updated spot ETF proposal was submitted by a Valkyrie subsidiary. The revised proposal aimed for Nasdaq to be the exchange and updated the ticker to $BRRR. Valkyrie Investments already has a Bitcoin futures ETF product listed on Nasdaq.

The firm's engagement with cryptocurrencies dates back to October 2021 when it launched a Bitcoin futures ETF on the Nasdaq exchange, making it the second U.S. entity to introduce such a product.

Several other prominent asset management firms, including BlackRock (NYSE:BLK) and Fidelity, are also seeking approval to introduce a spot Bitcoin ETF. Other established players such as Invesco, WisdomTree, and Direxion are also pursuing approval for crypto ETFs in the U.S. BlackRock, the world's largest asset manager, has also entered the Bitcoin ETF race, signifying the rising acceptance of BTC and growing institutional interest.

In contrast, Bitwise, a crypto index fund manager, recently decided to withdraw its application to convert its Bitcoin futures fund into a Bitcoin and Ethereum futures fund on Thursday, September 22. This decision indicates that Bitwise's fund will continue its focus on Bitcoin exposure.

The U.S. Securities and Exchange Commission (SEC) chair Gary Gensler was questioned about approving cryptocurrency spot ETFs during a Senate Banking Committee hearing on Monday, September 12. However, Gensler emphasized the need for careful supervision of the crypto industry, without providing a clear response regarding crypto spot ETF approvals.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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