Valkyrie Launches ETF On Nasdaq Stock Market

JAKARTA – Crypto asset manager Valkyrie has launched an exchange-traded fund with exposure to Bitcoin on the Nasdaq Stock Market.

In an SEC filing Wednesday, December 15, Valkyrie said the Balance Sheet Opportunities ETF will not invest directly in Bitcoin (BTC) but that 80% of its net assets will offer exposure to crypto assets through securities of US companies with BTC on their balance sheets. These companies may include custodians, crypto exchanges, and traders.

The filing stipulates that the Valkyrie ETF can invest up to 10% of its net assets in Bitcoin mining company securities, as well as up to 5% in US joint investment vehicle securities that hold BTC. At the time of publication by Cointelegraph, the fund's stock under ticker VBB was trading for 24.48 US dollars, having fallen more than 1.5% since its launch last Wednesday.

Valkyrie's latest ETF filing follows the company launching a Bitcoin Strategy ETF in October that offers indirect exposure to BTC with cash-settled futures contracts. The fund's shares are currently trading on the Nasdaq for $18.70, having fallen about 27% since opening on Oct. 22.

Although the SEC has given the go-ahead for investment vehicles related to Bitcoin derivatives, including one from Valkyrie and another from ProShares, the regulatory body has yet to approve applications that allow direct investment in the crypto.

Several crypto ETF applications are still under consideration in the United States, while its northern neighbor, Canada, has approved a BTC ETF from Fidelity.

According to data from Cointelegraph Markets Pro, Bitcoin price rose above $49.000 on Thursday, December 6 but has fallen more than 30% since hitting an all-time high of $69.000 on November 9. At the time of publication, the price of BTC was 47.736 US dollars.