Valkyrie, a prominent asset manager overseeing a staggering $80 billion in assets, has recently submitted an application for a Bitcoin Exchange-Traded Fund (ETF). This move comes after the Securities and Exchange Commission (SEC) had previously denied the company’s proposal for a Bitcoin spot ETF in December 2021.
In an effort to expand their offerings, Valkyrie has also applied for various other Bitcoin-related ETFs, including a Bitcoin mining-focused ETF, as well as two new funds, namely the Valkyrie Bitcoin Miners ETF and the Valkyrie US Innovative Balance Sheet ETF.
The Race for Bitcoin ETFs: Valkyrie’s latest application puts them in league with several other prominent fund managers in the race for Bitcoin ETFs. Notable contenders in this space include BlackRock, Bitwise Asset Management, WisdomTree, and Invesco, all of whom have also filed for Bitcoin ETFs.
It is worth highlighting that Valkyrie was among the pioneering fund managers to introduce an ETF that provides exposure to Bitcoin derivatives rather than physical spot holdings. The Valkyrie Bitcoin Strategy ETF, identified by the ticker “BTF,” experienced relatively lower inflows and presently manages approximately $26 million in assets. In contrast, the first-to-launch ProShares Bitcoin Strategy ETF, also known as “BITO,” has amassed an impressive $840 million in assets.