On June 21, Valkyrie, a cryptocurrency fund manager, submitted an S-1 registration form to the SEC for a Bitcoin spot exchange-traded fund (ETF), joining a number of other financial institutions that have recently done the same.
The organisation clearly stated that the company planned to launch its fund on the Nasdaq under the ticker name BRRR.
Valkyrie has experience with Bitcoin futures ETFs. The Valkyrie Bitcoin Strategy ETF (BTF), the second BTC futures ETF in the US, was launched in October 2021. In December of the same year, the Valkyrie Balance Sheet Opportunities (VBB) was launched.
![Valkyrie submits application for Bitcoin spot ETF](https://cryptoshrypto.com/wp-content/uploads/2023/06/Screenshot-2023-06-22-180127-290x300.png)
Additionally, Valkyrie manages the Valkyrie Bitcoin Miners ETF (WGMI), which monitors stocks of businesses that make money or generate revenue from Bitcoin mining.
The business filed a proposal on May 16 for the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD), a BTC futures ETF. As with the firm’s proposed BTC spot ETF, BTFD would be a fund instead of a trust.
The current actions of its rivals appear to have motivated Valkyrie to take steps. In a March episode of the Hashing It Out podcast, Steven McClurg, the director of investments at Valkyrie Investments, stated his belief that a BTC ETF would only be feasible “in a future presidency after the next elections or via legal action.
BlackRock, however, submitted an application on June 15 to establish a Bitcoin spot ETF as a trust on the Nasdaq. On June 20, WisdomTree and Invesco submitted identical proposals. Unverified rumours also claim that Fidelity will submit a petition for a BTC spot ETF.