A clever name for a proposed Bitcoin fund confirms recent trends in institutional adoption.
The soft, sweet sound of money printing: that’s what a Bitcoin fund has captured with the ticker name “BRRR”.
Financial services firm Valkyrie Digital Assets updated its filing for the Valkyrie Bitcoin Fund with the Securities and Exchange Commission on Wednesday, with a new prospectus that reflects today’s mainstream crypto narrative.
As digital asset prices soar following BlackRock’s bid to create the first US-based Bitcoin ETF, and a Wall Street-backed exchange conducts its first trades, Valkyrie gets back in line, waiting alongside other companies with crypto-related exchange applications. – products traded at the SEC counter.
“The shares are designed to provide investors with a profitable and convenient way to invest in Bitcoin,” Valkyrie’s filing states. “The shares represent units of fractional undivided economic interest and ownership of the trust.”
The company claims that the aim of the Valkyrie Bitcoin Fund is to mirror the price of the CME CF Bitcoin Reference Rate – New York Variant (BRRNY), a figure calculated from aggregated trading data on a handful of major Bitcoin exchanges: Coinbase, Bitstamp, Gemini, itBit, Kraken and LMAX Digital.
The filing notes that BRRNY is the same number that settles Bitcoin futures contracts, which are traded on the Chicago Mercantile Exchange.
The updated submission includes a series of changes from the original January 2021 submission, including the addition of the cleverly named ticker. Previously, Valkyrie offered its fund to list on NYSE Arca, but now it looks to Nasdaq.
In previous iterations, Valkyrie listed Coinbase Custody Trust Company as the Bitcoin custodian associated with the fund. But Coinbase’s custodial company is no longer included in the updated prospectus.
If approved, Valkyrie could issue an unlimited number of shares for the fund, the price of which would be updated daily between 4 pm and 4:30 pm ET at the daily close of trading on Wall Street. However, the fund notes that its ability to accumulate bitcoins is limited by the network’s 21 million limits, which can never be tapped.