At the end of January, the Texas-based firm Valkyrie Digital Assets filed an exchange-traded fund (ETF) registration for the “Valkyrie Bitcoin Trust” with the U.S. Securities and Exchange Commission (SEC). This month, the cryptocurrency investment manager announced it has filed a prospectus for an ETF with the SEC based on companies that hold the leading crypto asset bitcoin.
The Valkyrie Innovative Balance Sheet ETF
Bitcoin (BTC) has grown quite a lot in value in 2021 and two months ago, Valkyrie Digital Assets joined the rest of the companies aiming to launch a U.S.-based bitcoin ETF. The struggle to approve a bitcoin ETF in the United States has been real, but the recent approval of three Canadian ETFs gives people hope. Now according to a recent registration statement from Valkyrie Digital Assets, the company plans to launch another ETF based on companies that hold bitcoin (BTC) in their treasuries.
The ETF is quite similar to the filed prospectus with the SEC issued by the financial incumbent JP Morgan Chase, which is also a basket of firms exposed to bitcoin (BTC). However, Valkyrie’s registration filing for the ETF does not name any firms it plans to list. The fund, if approved, will be called the “Valkyrie Innovative Balance Sheet ETF.”
“The fund is an actively-managed exchange-traded fund that will invest principally in the securities of operating companies that have innovative balance sheets, which the Fund’s investment adviser, KKM Financial LLC (the “Adviser”), considers to be operating companies that directly or indirectly invest in, transact in, or otherwise have exposure to bitcoin or operate in the bitcoin ecosystem,” the Valkyrie ETF filing notes.
Valkyrie says the company could also invest in “bitcoin trading platforms, bitcoin miners, bitcoin custodians, digital wallet providers, companies that facilitate payments in bitcoin, and companies that provide other technology, equipment or…