Valkyrie’s newest Bitcoin exposure ETF offering

The filing clearly states that the Valkyrie ETF can invest up to 10% of its net assets in the securities of Bitcoin miners and up to 5% in the securities of synthetic investment vehicles in the US with BTC.

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In a filing with the SEC on Wednesday, Valkyrie said that his Balance Sheet Opportunity ETF will not invest directly in Bitcoin (BTC), but that 80% of his net assets will allow exposure to the cryptocurrency through the securities of U.S. companies with BTC on their balance sheets. These companies can include custodians, cryptocurrency exchanges, and traders.

The filing clearly states that the Valkyrie ETF can invest up to 10% of its net assets in the securities of Bitcoin miners and up to 5% in the securities of synthetic investment vehicles in the US with BTC.

At press time, the fund’s shares, tickered VBB, were trading at $ 24.48 after falling more than 1.5% since inception on Wednesday.

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Valkyrie’s most recent ETF filing follows the company’s October launch of a Bitcoin Strategy ETF that allows indirect exposure to BTC with cash-settled futures contracts. The fund, currently trading at $ 18.70 on the Nasdaq, has fallen about 27% since it opened in October.

Although the SEC has given the green light to investment vehicles related to bitcoin derivatives, including one from Valkyrie and one from ProShares, the regulator has yet to approve the cryptocurrency direct investment permit application. In the US, several crypto ETF applications are still under review while its northern neighbor – Canada – has approved a BTC ETF from Fidelity.

Related: SEC rejects WisdomTree Spot Bitcoin ETF application

Bitcoin price is up over $ 49,000 today, according to data from Cointelegraph Marketplaces Pro, but has fallen more than 30% since hitting an all-time high of $ 69,000 on November 9th. The BTC price is $ 47,736.