Bitcoin ETF

Bitcoin

BlackRock

<div class="cryptonews">
 <p class="is-style-lead">Valkyrie is the first spot Bitcoin ETF issuer to leverage two separate crypto custodians for its fund, thanks to its deal with BitGo.</p>
 <p>BitGo will provide custodial services for Valkyrie’s Bitcoin Fund (BRRR), safekeeping and storing a portion of the underlying Bitcoin (BTC) in the firm’s exchange-traded product. Valkyrie and BitGo reached the agreement on Jan. 17 but only filed with the U.S. Securities and Exchange Commission (SEC) on Feb. 1.</p>
 <p>The strategy <a rel="noopener noreferrer nofollow" title="diversifies" href="https://thebittimes.com/tag/diversifies.html">diversifies</a> Valkyrie’s spot BTC ETF by splitting the risk across multiple crypto custodians, reducing single failure points, and bolstering the fund’s safety. Other issuers may eventually chart similar courses amid competition among asset managers.</p>
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 <p>Issuers raced to capture market participants and investors before and after the SEC approved spot Bitcoin ETFs on Jan. 10. Fees were a major talking point with these funds. Some issuers even offered fee waivers for up to six months.</p>
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    <p lang="en" dir="ltr">Still some after hours trading left but looks like BlackRock's $IBIT is the first ETF to trade more than Grayscale's $GBTC in a single day. <br><br>Total trading today was kind of a dud though at $924 million — first day below $1 billion in dollar volume for the group since launch. https://t.co/IeIF2COm4F pic.twitter.com/ZtADLBQP63</p>— James Seyffart (@JSeyff) February 1, 2024
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 <p>Initially, Valkyrie boasted one of the highest fees at 0.8%, but the issuer rolled back its charge to 0.25% with BlackRock and Fidelity. However, the Valkyrie Bitcoin ETF has recorded far lower trading volume than the Wall Street heavyweights.&nbsp;</p>
 <p>BlackRock became the first fund to out-trade Grayscale’s GBTC following billions of outflows from the mammoth fund over two weeks.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Google ends five-year ban on crypto ads as Bitcoin ETF becomes visible
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/valkyrie-diversifies-spot-bitcoin-etf-custody-with-bitgo-tbt78589.html">https://thebittimes.com/valkyrie-diversifies-spot-bitcoin-etf-custody-with-bitgo-tbt78589.html</a></p>

Valkyrie diversifies spot Bitcoin ETF custody with BitGo

TheBitTimes

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