Valkyrie Investments, a crypto-focused asset manager, has filed with the US Securities and Exchange Commission (SEC) to launch a Bitcoin spot ETF.
A Bitcoin spot ETF is an exchange-traded fund that tracks the price of BTC and allows investors to buy and sell shares of the fund on traditional exchanges such as the New York Stock Exchange (NYSE). Unlike the Bitcoin futures ETF, which relies on contracts on the future price of BTC, the spot ETF will hold real Bitcoins and reflect their current market value.
It has been learned that the ticker of the Bitcoin spot ETF applied by Valkyrie Investments will be “BRRR”. This may actually be a reference to Fed chairman Jerome Powell's authority to print unlimited money by cryptocurrency investors with a humorous “BRRR” sound.
Valkyrie just jumped into the bitcoin ETF race w/ $BRRR lol https://t.co/ZmuFMpomJW
— Eric Balchunas (@EricBalchunas) June 21, 2023
The ETF applied for is targeted to be traded on the Nasdaq stock exchange.
However, the SEC has been reluctant to approve a Bitcoin spot ETF, citing concerns about market manipulation, fraud, and investor protection in the underlying BTC market. The agency has rejected several applications for a spot ETF in the past, including one from VanEck in March 2023.
*Not investment advice.
