A Valkyrie Investments subsidiary filed with the SEC an application to launch an exchange-traded fund (ETF) based on the spot price of Bitcoin.
The Valkyrie Bitcoin Fund intends to hold the cryptocurrency and track the asset’s fair value according to the CME CF Index.
According to the filing, the trust will issue shares designed to provide an economically efficient and convenient way to invest in Bitcoin.
The fund administrator will be Valkyrie Digital Assets.
The company plans to list the trust’s shares on Nasdaq under the ticker BRRR.
In October 2021, the regulator approved the Valkyrie Bitcoin Strategy ETF based on Bitcoin futures.
In February 2022, the company launched an exchange-traded fund tracking a basket of stocks of companies involved in mining Bitcoin.
In October of the same year, Valkyrie liquidated the ETF based on the shares of companies that directly or indirectly invest in, trade in, or hold digital gold as a reserve asset.
Earlier in June 2023, applications to launch a spot Bitcoin ETF were also filed by asset managers BlackRock, WisdomTree and Invesco.