Valkyrie Funds, a well-known asset management firm, is preparing to launch its Bitcoin Exchange-Traded Fund (ETF) on October 20, highlighting the increasing interest in cryptocurrencies within the traditional financial sector. The firm initially filed for this product on May 15, as noted by Bloomberg Intelligence research analyst James Seyffart.
This isn’t Valkyrie’s first foray into the cryptocurrency space. In June 2023, a subsidiary of Valkyrie submitted an updated spot ETF proposal. The revised proposal specified Nasdaq as the exchange and updated the ticker symbol to $BRRR. Valkyrie Investments already has a Bitcoin futures ETF product listed on Nasdaq.
Valkyrie’s involvement with cryptocurrencies dates back to October 2021 when it launched a Bitcoin futures ETF on the Nasdaq exchange, becoming the second U.S. entity to introduce such a product.
Several other prominent asset management firms, including BlackRock and Fidelity, are also seeking approval to launch spot Bitcoin ETFs. Established players like Invesco, WisdomTree, and Direxion are also pursuing SEC approval for cryptocurrency ETFs in the United States. BlackRock, the world’s largest asset manager, has also entered the Bitcoin ETF competition, reflecting the growing acceptance of Bitcoin and increased 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 September 22. This decision indicates that Bitwise’s fund will continue to focus on Bitcoin exposure.
During a Senate Banking Committee hearing on September 12, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler faced questions about approving cryptocurrency spot ETFs. However, Gensler emphasized the need for careful oversight of the crypto industry without providing a definitive response regarding the approval of cryptocurrency spot ETFs.