Valkyrie Partners With Bitgo for Custodial Services and ‘Safekeeping of the Trust’s Bitcoin Holdings’

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Valkyrie Partners With Bitgo for Custodial Services and ‘Safekeeping of the Trust’s Bitcoin Holdings’

On Feb. 1, 2024, Valkyrie Digital Assets, a cryptocurrency plus manager, revealed successful a Form 8-K submission to the U.S. Securities and Exchange Commission (SEC) that it has selected Bitgo to supply custodial services for its spot bitcoin exchange-traded money (ETF).

Bitgo to Safekeep the Bitcoin Assets Associated With Valkyrie’s BRRR

Recently acquired by Coinshares, Valkyrie, the money absorption company, declared that Bitgo volition prosecute successful “custody and safekeeping of the Trust’s bitcoin holdings,” indicating that the custodian volition oversee the funds of Valkyrie’s spot bitcoin ETF. Based successful Nashville, Valkyrie was among the 9 newly introduced spot bitcoin ETFs that became operational concurrently with the freshly revamped bitcoin spot managed by Grayscale.

The declaration stipulates that Bitgo indispensable uphold an security policy, which astatine the precise least, provides sum against duplication and theft of backstage keys, interior theft oregon fraudulent acts by Bitgo’s unit oregon executives, on with the nonaccomplishment of keys and plus theft intimately associated with Bitgo’s cardinal custody responsibilities. Coinbase Trust Company, presently serving arsenic the custodian, volition proceed to beryllium utilized by the firm, the Form 8-K filing signed by Valkyrie’s CEO Leah Wald details.

On Jan. 11, 2024, the time Valkyrie launched its spot bitcoin ETF named BRRR, Wald stated this marked “just the opening of a caller wave,” noting that the “launch of BRRR has been successful the making for astir 3 years.” Currently, Valkyrie’s website shows the BRRR money possesses 2,649.46 BTC, valued astatine astir $114 cardinal astatine the clip of reporting. Valkyrie’s determination to spouse with Bitgo leads to a broader organisation of BTC crossed the 10 ETFs, including GBTC.

At present, Coinbase Trust Company serves arsenic the custodian for 7 of the 10 spot bitcoin ETFs. Coinbase oversees the assets for Grayscale, Blackrock, Ark Invest, Bitwise, Invesco, Franklin Templeton, and Wisdomtree. Fidelity independently manages its BTC, portion Vaneck’s HODL funds are secured with Gemini. Valkyrie’s caller displacement introduces Bitgo into this competitory landscape.

What bash you deliberation astir Valkyrie choosing Bitgo for custody services? Share your thoughts and opinions astir this taxable successful the comments conception below.

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