The quest for a Bitcoin Exchange Traded Fund (ETF) is heating up after the Dallas-based alternative assets investment firm, Valkyrie Digital Assets, becomes the latest company to file a registration with the U.S. Securities and Exchange Commission (SEC).
The crypto-focused arm of investment company Valkyrie Investments submitted an application with the SEC on Friday proposing to list the Valkyrie Bitcoin Fund on the New York Stock Exchange.
The document also reveals that Coinbase Custody Trust Company, LLC, would act as the custodian of the proposed ETF.
The filing does not provide details on the ETF’s possible trading symbol as well as the number of shares that it plans to offer.
A Bitcoin ETF is widely considered a potential catalyst for the mass adoption of the largest crypto asset as mainstream investors can easily purchase exposure to BTC on the stock exchange while bypassing the intricacies involved in ownership and storage.
Macro guru and co-founder of Real Vision Raoul Pal has previously said that investment managers with a tidal wave of money are waiting for an ETF to come, and the moment it does, they’d be ready to pile in.
“…They can’t invest yet because there’s no ETF – but the moment it comes, these guys have $5 trillion of assets amongst the US investment advisors community in the US alone and if they were to put 10 basis points in, that’s $5 billion immediately, but chances are it’s going to be much more because it’s a very fast-moving asset.”
Valkyrie Digital Assets joins a growing list of companies that have filed for a Bitcoin ETF, including investment management giant VanEck who submitted a new application last month.
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