Bitcoin fund manager Valkyrie filed a registration statement with the SEC for a new Bitcoin-based ETF.
Another One Enters the Fray
Named the Valkyrie Bitcoin Trust, the ETF would allow traders and investors to invest indirectly in Bitcoin.
It would list on the New York Stock Exchange using Coinbase’s custody service as its custodian, according to the application.
The company’s hope is that the new ETF will help maintain the already surging interest in Bitcoin coming from large institutional investors.
ETFs Are the New Futures
This is not the first time a Bitcoin-based ETF has been proposed to the SEC. Towards the end of last year, investment manager VanEck re-launched its efforts to create such an ETF.
This is the third time the company is filing for a Bitcoin ETF, after withdrawing the first two applications. If successful, the ETF would be listed on the Chicago Board Options Exchange’s BCX exchange.
According to both Valkyrie and VanEck, ETFs are popular with large institutions that are increasingly looking to invest in the Bitcoin.
Cryptocurrency asset manager Grayscale‘s ETF, the Grayscale Investment Trust, surged 900% in assets under management last year. The company now owns over 4% of all the Bitcoin in existence as a result, as institutional money flows in in droves.
Institutions Fuel the Bitcoin Rocket
All this comes as Bitcoin recently rallied to set a new all-time high of $41,941.56. In fact, the entire cryptocurrency market set a new record as total market capitalization surpassed $1 trillion earlier this year.
Most in the cryptocurrency world put this strong performance down to large companies such as MicroStrategy and Ruffer Investments gobbling up the top-cryptocurrency’s supply.
However, there are also some indications that retail investors are starting to jump on the bandwagon. Whatever the correct answer is, these new ETF applications are just the beginning of what might be a record-breaking year for the crypto-asset class.
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Source: Be In Crypto