- Valkyrie has joined the Bitcoin ETF party 18 months after its first filing was rejected
- The company is the fourth to file for a Bitcoin ETF in the space of a week
- Valkyrie wants to list on the Nasdaq under the ticker BRRR
The Bitcoin ETF rush continued yesterday when Valkyrie renewed its bid a year and a half after its first effort was rejected by the Securities and Exchange Commission (SEC). The Texas-based firm has thrown its hat into the ring alongside BlackRock, WisdomTree, and Invesco to make it four Bitcoin ETF applications in one week, with Valkyrie hoping to add its ETF to the Nasdaq exchange under the ticker BRRR. Valkyrie’s initial filing was rejected in December 2021, but like WisdomTree and Invesco it seems to have been buoyed by the introduction of BlackRock into the mix and believes that now is the moment where a Bitcoin ETF will finally be approved.
Valkyrie Rides Again
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. Wald and her co-founders handpicked an executive team with tremendous experience in launching ETFs in a wide range of sectors, although their experience couldn’t get the Valkyrie Bitcoin ETF over the line in 2021.
This time around there are some changes, with the company swapping its target exchange from the New York Stock Exchange to the Nasdaq. The company has not yet named a custodian, suggesting that it was in such a rush to re-apply that it didn’t have time to secure one. The use of the ticker BRRR, a play on the ‘money printer go brrr’ meme, did not go unnoticed:
Anddd we have anotha one! Most interesting here with this updated Valkyrie Bitcoin Fund prospectus — they have changed their exchange to Nasdaq (same as BlackRock) anddd they gave us a ticker $BRRR. pic.twitter.com/3QxeFRfLPy
— James Seyffart (@JSeyff) June 21, 2023
Valkyrie’s application underlines the sense of optimism coursing through the Bitcoin camp that an ETF is imminent, or at least more likely than ever, but it remains to be seen if the fundamental concerns the SEC has over market manipulation have been addressed.
