Valkyrie, one of the providers of spot bitcoin
exchange-traded funds (ETFs) in the US, has appointed BitGo as its second
custodian for its Bitcoin Fund (BRRR). Valkyrie is diversifying the custody of
its coins by leveraging BitGo’s expertise alongside Coinbase.
This collaboration marks a pivotal moment in the
evolution of cryptocurrency investments, emphasizing the industry’s commitment
to robust risk mitigation strategies. The collaboration with BitGo aligns with regulators’
requirements in the US and globally, setting a benchmark for Bitcoin ETF
security.
Mike Belshe, the CEO of BitGo, mentioned:
“Valkyrie Investments has already made a name for itself, providing
investors with funds to tap into the digital asset space. Earlier this year,
they took a new step forward with their newest ETF to help investors around the
world get access to Bitcoin. It’s a privilege to be their custodian to support
their product.”
BitGo secures approximately 20% of all on-chain
Bitcoin transactions by value and supports over 700 digital assets within its
platform, according to the company. Meanwhile, Valkyrie Funds combines
blockchain technology with investment vehicles across traditional markets.
Last month, the SEC made a historic move by
approving applications for 11 spot Bitcoin exchange-traded funds (ETFs),
allowing them to be listed on US stock exchanges.
Shift in Crypto Landscape
However, the SEC’s Chief Gary Gensler emphasized
that the approval does not signal a broad acceptance of all crypto assets,
highlighting the regulator’s stance on non-compliant market participants. The
approval marked a milestone in the evolution of crypto assets within
traditional financial frameworks.
Valkyrie, one of the providers of spot bitcoin
exchange-traded funds (ETFs) in the US, has appointed BitGo as its second
custodian for its Bitcoin Fund (BRRR). Valkyrie is diversifying the custody of
its coins by leveraging BitGo’s expertise alongside Coinbase.
This collaboration marks a pivotal moment in the
evolution of cryptocurrency investments, emphasizing the industry’s commitment
to robust risk mitigation strategies. The collaboration with BitGo aligns with regulators’
requirements in the US and globally, setting a benchmark for Bitcoin ETF
security.
