- Valkyrie Digital Assets has filed for a Bitcoin ETF
- The five-month old company joins VanEck in the race for the lucrative product
- Valkyrie is co-founded by Leah Wald and is packed with ETF old hands
Competition for a Bitcoin ETF has increased after a new rival to the crown, Valkyrie Digital Assets, filed their own Bitcoin ETF application. The Texas-based firm has added their name to that of VanEck/Cboe in the race to be awarded the first Bitcoin ETF, with Valkyrie Digital Assets hoping to get their ETF listed on the New York Stock Exchange. The company, which was formed in September last year, is packed with ETF old hands and seems to have been created just for the purpose.
Valkyrie Rides the Bitcoin Wave
Valkyrie Digital Assets filed their first Bitcoin ETF application with the Securities and Exchange Commission on Friday, three weeks after the VanEck filing. Valkyrie was formed in September 2020 and was co-founded by Bitcoin analyst Leah Wald, someone who watchers of Tone Vays videos will know all too well, with a clear focus on cryptocurrencies.
Wald and her co-founders have handpicked an executive team with tremendous experience of launching ETFs in a wide range of sectors, and the company has wasted no time in getting the Bitcoin ball rolling, filing for a Bitcoin ETF some five months after being founded.
Bitcoin ETF Still a Holy Grail
A Bitcoin ETF is seen as the holy grail for many in the space, offering the chance for institutional players to get a slice of the Bitcoin action. Many feel this will result in a huge price spike, although JPMorgan analysts have warned that the awarding of an ETF might actually have the opposite effect, at least in the short term.
As with all Bitcoin ETF applications, the Valkyrie Bitcoin Fund filing is duty bound to list the negatives as well as the positives in their offering. As with the VanEck filing, Valkyrie highlighted the embryonic state of Bitcoin development, market volatility, whale manipulation and more, although they will be hoping these aren’t serious enough to scupper their bid.