Valkyrie’s latest ETF offering has exposure to Bitcoin
According to the latest data, the Valkyrie ETF allocates 10% of assets for investments in securities of mining companies, 5% of assets in united investment funds in the United States, owners of BTC. Valkyrie, owning crypto assets, implements exchange access to bitcoin on the Nasdaq stock market.
Valkyrie announced that it is not in their interests to invest directly in bitcoin, but, using 80% of the company’s assets, to access through investments in the assets of American companies dealing with BTC on their balance sheets.
In an SEC statement on Wednesday, Valkyrie said that its “Balance Sheet Opportunities” ETF will not directly invest in bitcoin (BTC), but 80% of its net assets will provide access to the crypto asset through securities of American companies with BTC on their balance sheets. These companies may include custodians, crypto exchanges, and traders. At the moment, the level of VBB shares has reached $ 24.48, which is 1.5% lower than on Wednesday.
In October, the company developed an action strategy, according to which they launched an ETF, implying indirect access to BTC using securities with cash payment. At the moment, the value of shares on Nasdaq has reached $ 18.70, having decreased in price by 27% compared to the beginning of its existence on October 22.
Even despite the SEC’s support for investment instruments, mining systems, including Valkyrie and ProShares, it is still necessary to obtain approval from regulatory authorities in order to legally conduct direct investments in cryptocurrency. The states are still considering some number of crypto-ETF applications, at the same time Canada has already legalized the BTC ETF from Fidelity.
Cointelegraph Markets Pro reports that bitcoin has reached a value above 49 thousand dollars, but compared to the record value of 69 thousand dollars (November 9), the price has decreased by more than 30%. At the moment, BTC is 47 thousand 736 dollars.