Valkyrie Digital Assets has filed an application with the US Securities and Exchange Commission (SEC) to create an Exchange Traded Fund (ETF) for Bitcoin.
Valkyrie Digital Assets is a subsidiary of the investment firm Valkyrie Investments. If approved by the Valkyrie Bitcoin Fund, the company will buy bitcoins and store them in the custodian service of the Coinbase exchange.
“The Valkyrie Bitcoin Fund is an exchange-traded fund that issues common shares with beneficial interest, which represent the beneficiary’s shares in a trust. The purpose of the trust is to buy and store bitcoins, which are digital goods based on cryptographic protocols used in a decentralized peer-to-peer network, ”the application says.
According to the filing, the investment objective of the fund is for the stock to reflect the effective value of bitcoin based on the index defined in the document minus the obligations and expenses of the trust.
Recall that the SEC has been refusing to approve applications from various companies for the launch of Bitcoin ETFs for several years. At the end of December 2020, VanEck applied for the registration of such a fund for the third time.
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