Valkyrie, a manager of crypto assets, has recently launched an ETF with Bitcoin exposure on the Nasdaq stock market. In an SEC filing that took place on Wednesday, the asset manager stated that its Balance Sheet Opportunities ETF would not be investing directly into Bitcoin but close to 80% of its net assets would offer major exposure to the crypto asset through the securities of other companies in the country with BTC featuring heavily on the balance sheets.
The filing also specifies that the filing of Valkyrie’s ETF could definitely invest up to 10% of its net assets in securities of mining firms of the cryptocurrency, as well as up to 5% in the securities of pooled investment vehicles in the USA that currently stores BTC.
Valkyrie Offering Bitcoin ETF Derivatives
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The latest ETF filing from Valkyrie does follow the launch of a Bitcoin Strategy ETF in October, which went on to offer some major indirect exposure to the cryptocurrency with futures contracts that were cash-settled. Shares of the fund have currently been trading on the Nasdaq for a sum of $18.70, having gone down by 27% since it opened on the 22nd of October.
Though the SEC has already given the green light to major vehicles of investment that are linked with Bitcoin derivatives- which further includes one from Valkyrie and the other from ProShares, the regulatory body still has to approve a single application that would allow the direct investment in cryptocurrency. Several crypto ETF applications have been kept under close consideration in the United States, while Canada has already approved major BTC ETFs from Fidelity.
According to data that was recovered from Cointelegraph Markets Pro, the Bitcoin price and its derivatives in Valkyrie rose above the price of $49,000 today but has since then gone down by close to 30% after it reached an all-time high price of $69,000.
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