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Tag: Valkyrie

  • Valkyrie exec predicts fewer Bitcoin ETF issuers by year-end

    Valkyrie exec predicts fewer Bitcoin ETF issuers by year-end

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    Spot Bitcoin exchange-traded funds (ETFs) are nearing their first month of operation, with the landscape potentially set for consolidation by the end of 2024, according to Valkyrie Funds’ Chief Investment Officer, Steven McClurg.

    In an exclusive interview with Decrypt on Feb. 10, McClurg said he anticipates a reduction in the number of issuers from 10 to “about seven or eight.” He attributes this forecast to the financial burdens associated with running a spot Bitcoin ETF, compounded by a competitive fee-lowering trend that threatens the profitability of struggling issuers. McClurg emphasized the critical asset under management threshold of $100 million as a determinant for an ETF’s viability.

    Since the U.S. Securities and Exchange Commission approved the first Bitcoin spot ETFs on Jan. 10, the market response has been robust, with $4.5 billion traded on the first day alone. Recent data shows continued strong inflow, with $400 million reported in a single day, according to Bloomberg analyst James Seyffart.

    Reflecting on the past month, McClurg noted that market developments have largely aligned with Valkyrie’s projections. An unexpected event was the less severe than anticipated outflows from Grayscale, which, upon converting from a trust to an ETF, experienced a Bitcoin sell-off, leading to a temporary dip below $41,000. Despite this, McClurg foresees potential for future outflows that could benefit other ETFs.

    Valkyrie, alongside heavyweight competitors like BlackRock and Fidelity, is navigating a crowded market. BlackRock’s iShares Bitcoin ETF and Fidelity Wise Origin Bitcoin Fund have surpassed $3 billion in assets under management within a month — overshadowing Valkyrie’s $123.7 million.

    Despite the disparity, McClurg remains optimistic about Valkyrie’s performance, particularly against similar-tier competitors, attributing success to the firm’s digital asset expertise and traditional market experience.

    The competition among ETFs has led to aggressive fee reductions aimed at attracting investors. Valkyrie aligned its sponsor fee with industry leaders BlackRock and Fidelity at 0.25%, a move McClurg views as necessary, despite his reservations about the timing of such cuts.

    He warns that the financial sustainability of running a spot ETF could be jeopardized for issuers who are already underperforming. As a result, some may eventually exit the market due to unprofitability.


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    Rony Roy

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  • Valkyrie diversifies spot Bitcoin ETF custody with BitGo

    Valkyrie diversifies spot Bitcoin ETF custody with BitGo

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    Valkyrie is the first spot Bitcoin ETF issuer to leverage two separate crypto custodians for its fund, thanks to its deal with BitGo.

    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.

    The strategy diversifies 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.

    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.

    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. 

    BlackRock became the first fund to out-trade Grayscale’s GBTC following billions of outflows from the mammoth fund over two weeks.


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    Naga Avan-Nomayo

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  • Valkyrie and ARK 21Shares file Bitcoin ETF registration of securities with SEC

    Valkyrie and ARK 21Shares file Bitcoin ETF registration of securities with SEC

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    Valkyrie and ARK 21Shares have recently submitted filings for spot Bitcoin ETFs, adding to the growing list of contenders seeking approval from the U.S. Securities and Exchange Commission.

    Valkyrie and ARK 21Shares have filed for 8-A registration of securities for a spot Bitcoin ETF with the SEC on Jan. 4, following the footsteps of Grayscale and VanEck earlier today and Fidelity, who filed yesterday.

    Valkyrie and ARK 21Shares’s official filings today suggest a solid chance of approvals being pushed through imminently as the two companies compete with others for the first spot Bitcoin ETF in the United States.

    The filing comes while the market is buzzing about the potential approval of a U.S. spot Bitcoin ETF. Despite chatter about possible rejections, Valkyrie and ARK 21Shares filings, among others, point to a different story.

    The cryptocurrency industry is hoping for approvals to roll out between Jan. 8 – 10. Big players like Goldman Sachs are already angling for key roles in Grayscale and BlackRock ETFs.

    While nothing is set as of today, the week has shown bullish sentiment around the immediate possibility of a spot Bitcoin ETF approval. SEC meetings with exchanges such as Nasdaq, NYSE, and CBOE add to the optimism, hinting at potential approvals as early as Monday.


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    Bralon Hill

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  • ‘The Marvels’ May Have Just Made This Power Couple Canon

    ‘The Marvels’ May Have Just Made This Power Couple Canon

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    Let’s face it: The Marvels is a lot of fun, but it has some plot problems. The film has a lot of elements that feel shoehorned in so that Marvel Studios can connect it to the other films and series in the Marvel Cinematic Universe. There is one extraneous scene, though, that I’m thrilled the studio included.

    Why? Because it means one fan-favorite relationship may have just become canon.

    Minor spoilers for The Marvels ahead!

    Valkyrie’s cameo in The Marvels, explained

    In the final trailer for The Marvels, we see Valkyrie (Tessa Thompson), friend of Thor and King of New Asgard, giving Carol (Brie Larson) an inspiration speech. Fun! But Val’s cameo in the film is even better than the trailer lets on.

    After Dar-Benn (Zawe Ashton) destroys a colony of Skrull refugees, Carol calls a friend whom she think may be able to take the survivors in. Soon, the Bifrost appears, and Valkyrie shows up. Significantly, Val is dressed in a well-tailored suit and tie instead of armor, meaning that she’s visiting in her capacity as King, not warrior. Val has arrived to take the Skrulls back to New Asgard.

    Val congratulates Carol on finding a team, mentioning her own time as a member of the short-lived Revengers in Thor: Ragnarok. “You can stand tall without standing alone,” she says. Before she leaves, she takes Carol’s hands and kisses her on the cheek.

    That moment isn’t just a friendly gesture. There’s definitely something special between Val and Carol.

    The moment isn’t completely unexpected. In fact, fans have been shipping Val and Carol for years. Some fan art even caught the attention of Larson and Thompson, who loved the idea of Val and Carol being an item.

    So are Carol Danvers and Valkyrie dating, or what?

    I mean, what do you mean by “dating?” Like, are Carol and Val a monogamous couple that sees each other all the time? I don’t see how that could be, what with Carol spending most of her time in space. However, with Valkyrie apparently having access to the Bifrost at least some of the time, I suppose they could visit each other.

    The way I personally read the scene—and you can disagree!—is that they’re not exclusive at the moment, but they had a relationship in the past. They seem like they haven’t seen each other in awhile, especially with Valkyrie’s wish at the end that “the next time we meet be joyful.” (There’s also the depressing matter of Disney’s allergy to outright queer relationships, which may have influenced what eventually made it onto the screen.)

    When might Carol and Val have dated? In The Marvels, we learn that Carol visited Earth at least once during the Blip, while Monica was gone and Maria was dying of cancer. It’s possible that when Carol came to Earth, and after Valkyrie brought the Asgardian refugees to Norway to start their new colony, the two of them met and developed a relationship. That’s just one possibility, though.

    A relationship with Valkyrie adds some pathos to Carol’s story, since Monica spends most of the movie believing that Carol took off from Earth and didn’t look back. It also adds a new dimension to Val’s character, since we know from Thor: Love and Thunder that Val is still mourning the loss of the fellow Valkyrie she loved long ago. Exploring a relationship with Carol while still feeling that grief is a lovely, bittersweet development for Val.

    Congrats, Captain Marvel and Valkyrie fans: The Marvels may not be the masterpiece we were hoping for, but at least we’re winning in other ways.

    (featured image: Walt Disney Studios Motion PIctures)

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    Julia Glassman

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  • Valkyrie’s McClurg expects spot Bitcoin ETF approval in November 2023

    Valkyrie’s McClurg expects spot Bitcoin ETF approval in November 2023

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    Steven McClurg, co-founder of Valkyrie Investments, believes the U.S. Securities and Exchange Commission (SEC) will approve multiple spot Bitcoin exchange-traded fund (ETF) applications in November 2023. 

    In his assessment, firms have addressed all the issues of market manipulation raised by the regulator. 

    By McClurg’s estimation, the regulator may send another round of comments to those who submitted for the ETFs in the next one to three weeks, followed by approval of 19b-4 rule changes in November 2023. 

    However, the market will likely see spot Bitcoin ETFs in February 2024. This comes after McClurg expressed belief in a Bitcoin spot ETF approval by at least Q2 of next year in a recent interview with Forkast.

    “A late November approval likely means a February launch. Before anything else happens, we get a second round of comments. We’ll probably get those comments in the next one to three weeks.”

    Valkyrie Investments co-founder Steven McClurg

    Valkyrie Investments recently filed an updated application for its Valkyrie Bitcoin Fund with the SEC, indicating that investors could purchase common shares backed by Bitcoin under the ticker BRRR on Nasdaq. 

    However, other players in the race for spot Bitcoin ETF approval in the U.S. include BlackRock, Invesco, WisdomTree, and Direxion. 


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    Denis Omelchenko

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  • Valkyrie Wants To Take Up The Reins Of Grayscale’s Bitcoin Trust

    Valkyrie Wants To Take Up The Reins Of Grayscale’s Bitcoin Trust

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    Valkyrie Investments has laid out a proposal to take up the reins of troubled bitcoin trust GBTC.

    “We understand that Grayscale has played an important role in the development and growth of the bitcoin ecosystem with the launch of GBTC, and we respect the team and the work that they have done,” Valkyrie’s co-founder and CIO, Steven McClurg, said in a statement posted to the company’s website. “However, in light of recent events involving Grayscale and its family of affiliated companies, it is time for a change. Valkyrie is the best company to manage GBTC to ensure its investors are treated fairly.”

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    Namcios

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