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https://www.sec.gov/rules/sro/nysearca/2022/34-93893.pdf

The Valkyrie Bitcoin Strategy ETF seeks to purchase enough Bitcoin futures contracts that the notional value of the Bitcoin within the contracts held by the fund are as close to 100% of the fund’s net assets as possible. This distinguishes Valkyrie from the other proposed funds, all of which plan on investing in other investment vehicles and products that provide exposure to Bitcoin, such as private trusts. The fund will invest any remaining assets in “collateral investments” defined as U.S. Government securities such as bills and bonds, money market funds, and corporate debt securities. Corporate debt securities must be issued by a business with a time of purchase rating in one of the four highest categories of a nationally recognized statistical rating organization like S&P Global Ratings. The collateral investments are designed to provide liquidity. The fund will invest indirectly via a wholly owned Cayman Islands subsidiary that will have the same investment objective, advisor, and sub-advisor. The fund will invest no more than 25% of its total assets each year. The application lists Steven McClurg, Rafael Zayas, and Ryan Dofflemeyer as the fund’s portfolio managers. The fund is classified as non-diversified and therefore not required to meet diversification requirements under the Investment Company Act of 1940. The fund will not invest directly in Bitcoin.

Your move USA

This is the 12th BTC ETF filing.

Fidelity Goldman Sachs SkyBridge Morgan Stanley/NYDIG VanEck Valkyrie WisdomTree Bitwise The SEC has repeatedly delayed making decisions on multiple Bitcoin ETFs over the last few years, causing firms like VanEck to pull their applications over fears the SEC would reject them. A Bitcoin ETF would allow investors to redeem shares at any time. The successful launches of Bitcoin ETFs elsewhere have given momentum to those applying for a US Bitcoin ETF.

US Securities and Exchange Commissioner Hester Peirce has said the US capital markets are ready for a bitcoin exchange-traded product. She said people are already eager to trade a bitcoin ETP. She also pushed back against an emerging government narrative that cryptocurrency is a dangerous rail for terrorist financing. For people who are not aware - ETP is the umbrella term for the collection of financial products traded on a stock exchange that include ETFs. Yes, she's always been pro Bitcoin. But her language is very telling. She said the US capital markets "are ready" for an ETF. There needed to be a lot of infrastructure in place before they can approve an ETF and the environment is improving for btc so much that all of those requirements are finally in place. This is very, very positive for Bitcoin. We might see an ETF this year!