Alternative Investments/Digital: Valkyrie Moots An ETF That Invests In Corporate Bitcoin Players
The proposed ETF is called the “Valkyrie Innovative Balance Sheet ETF.”
Adding to the SEC’s growing pile of applications from asset managers to launch a bitcoin ETF is a new one from Valkyrie Digital Assets, but this one comes with a twist. The firm has filed for an ETF to be launched with the name “Valkyrie Innovative Balance Sheet ETF.” (Bitcoin.com)
The firm’s latest filing follows on its filing in January for the SEC’s approval for its proposed bitcoin ETF titled the “Valkyrie Bitcoin Fund.”
Valkyrie Innovative Balance Sheet ETF
Proposed to be listed on the NYSE Arca exchange under the symbol GOT, the ETF is characterized as an actively-managed fund.
It will invest principally in the securities of operating companies that have innovative balance sheets, which the Fund’s investment adviser, KKM Financial LLC, considers to be operating companies that directly or indirectly invest in, transact in, or otherwise have exposure to bitcoin or operate in the bitcoin ecosystem.
Potential investment targets could also include bitcoin trading platforms, bitcoin miners, bitcoin custodians, digital wallet providers, companies that facilitate payments in bitcoin, and companies that provide other technology, equipment, or services to companies operating in the bitcoin ecosystem.
The fund managers will use a proprietary model to identify those innovative balance sheet issuers with the best returns potential.
The ETF will not invest directly in bitcoin or its derivatives.
However, the fund could also invest a significant portion (i.e. more than 25%) of its assets in securities of companies in the information technology sector.
Key corporate bitcoin investors
Though Valkyrie has not named any companies in its filing, several companies have made headlines recently for their bitcoin investments.
Here is a list from bitcointreasuries.org that shows the top five companies holding bitcoin as of date:
Meanwhile, the price of bitcoin, the leading cryptocurrency, hit a fresh all-time high above $61,500 on Sunday.
It is currently trading off those levels, however, at $56,383.
Related Story: Valkyrie Joins The Race To Launch A Bitcoin ETF
Latest Alternative Investment News
In a unique plug for bitcoin’s adoption, MicroStrategy (NASDAQ: MSTR), the business information firm, has decided to pay its non-employee directors in bitcoin. The company has been a trendsetter, setting…
Alternative Investments/Digital: Yet Another Bitcoin ETF Application; Galaxy Digital Is The Latest Hopeful
Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, has filed an application with the SEC to launch a bitcoin ETF that will trade on the NYSE Arca. The…
Microsoft (NASDAQ: MSFT) may buy Nuance Communication (NASDAQ: NUAN) at a valuation of $56 per share, according to Bloomberg, which cited unnamed people who were familiar with the matter. The…
Venture Capital: Supervest, A Platform That Matches Loan-Seeking Merchants With Investors, Is Seeking Funds
Supervest calls it a new asset class. Merchant cash advances (MCA) are a form of short-term financing for merchants in the form of a sales agreement in which capital is…