Valkyrie Digital Assets Joins Race to Launch the First US-Based Bitcoin ETF

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As Bitcoin (BTC) continues to scale at unimaginable speeds, more companies join the race to launch a Bitcoin ETF in the US. Valkyrie Digital Assets is the latest company to hop on the bandwagon for a US-based BTC ETF.

According to a recent statement by Valkyrie Digital Assets, the proposed ETF will be based on companies that already hold Bitcoin in their treasuries.

Although there has been no luck in scaling a BTC ETF in the US over the past few years despite several attempts, the recent approval of three Canadian ETFs has sparked hope in US-based ETF proponents.

The proposed ETF is quite similar to the one recently put forward by JP Morgan Chase & Co., which was also a basket of companies with exposure to Bitcoin. However, Valkyrie’s differ in the sense that the registration filing doesn’t list the names of any firm it plans to list. The fund will get termed the “Valkyrie Innovative Balance Sheet ETF” if it gains approval from the US SEC.

The official Valkyrie ETF filing noted that:

“The fund is an actively-managed exchange-traded fund that will invest principally in the securities of operating companies that have innovative balance sheets, which the Fund’s investment adviser, KKM Financial LLC (the “Adviser”), 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.”

The digital assets company added that companies could also invest in “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.”

Key BTC Levels to Watch — March 14
In what can get described as an “overnight” spike, Bitcoin has shattered the highly-anticipated $60k ceiling peaking at $61,785 yesterday. That said, the benchmark cryptocurrency is currently in a modest correction towards the $60k round figure.

We could still see another attempt at the new all-time high in the coming hours, as Bitcoin is yet to enter overbought conditions.

Meanwhile, our resistance levels are at $61,785, $63,000, and $64,000, and our key support levels are at $60,000, $58,00, and $56,700.

Total Market Capitalization: $1.81 trillion

Bitcoin Market Capitalization: $1.12 trillion

Bitcoin Dominance: 62%

 

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