A New ETF is Filed to Invest in Companies Having Direct or Indirect Exposure to Bitcoin
But the Valkyrie Innovative Balance Sheet ETF Fund has no plans to invest in Bitcoin directly or indirectly through derivatives.
Valkyrie Digital Assets has filed for an exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) that would invest in companies that have Bitcoin on their balance sheet or are indirectly dealing with the cryptocurrency.
A Form N1-A has been filed for Valkyrie Innovative Balance Sheet ETF in partnership with KKM Financial, which is the investment advisor of the fund, and for the distributor of the fund, the company has chosen institutional asset manager SEI. The document reads,
“The Fund is an actively-managed exchange-traded fund (“ETF”) that will invest principally in the securities of operating companies… that directly or indirectly invest in, transact in, or otherwise have exposure to bitcoin or operate in the bitcoin ecosystem.”
The Bitcoin ecosystem is defined here as trading platforms, miners, custodians, digital wallet providers, companies that facilitate payments in bitcoin, and companies that provide other technology, equipment, or services to companies operating in the ecosystem. However, the Fund has no interest whatsoever in investing in Bitcoin directly or indirectly through derivatives.
Just today, BTC/USD has made a new ATH above $60,000.
Last week, JPMorgan Chase published a filing for an incoming debt instrument that will also invest in companies like MicroStrategy, Square, chipmaker Nvidia, and others that are involved with cryptocurrency.