Bitcoin ETF Printer Goes ‘BRRR’ as Valkyrie Refiles With SEC

The sweet, sweet sound of money printing: that’s what one Bitcoin fund captured with the ticker name “BRRR.”

Financial services firm Valkyrie Digital Assets updated its filing for the Valkyrie Bitcoin Fund on Wednesday with the Securities and Exchange Commission, a fresh prospectus reflecting today’s dominant crypto narrative. 

As digital asset prices punch higher in the wake of BlackRock’s bid to establish America’s first spot-based Bitcoin ETF, and as a Wall Street-backed exchange executes its first trades, Valkyrie reenters the queue alongside other firms with applications for crypto-related, exchange-traded products on the SEC’s desk.

“The shares are designed to provide investors with a cost-effective and convenient way to invest in Bitcoin,” Valkyrie’s filing states. “The shares represent units of fractional undivided beneficial interest in and ownership of the trust.”

The company says the goal of the Valkyrie Bitcoin Fund is to reflect the price of CME CF Bitcoin Reference Rate – New York Variant (BRRNY), a figure calculated based on trading data aggregated across a handful of major Bitcoin exchanges: Coinbase, Bitstamp, Gemini, itBit, Kraken, and LMAX Digital.

The filing notes that BRRNY is the same figure that Bitcoin futures contracts are settled on, which trade on the Chicago Mercantile Exchange.

The updated filing contains a series of changes compared to when it was initially filed in January 2021, including the addition of its cleverly-named ticker. Previously, Valkyrie proposed its fund be listed on NYSE Arca, but now it’s looking at the Nasdaq.

In past iterations, Valkyrie listed Coinbase Custody Trust Company as the custodian of Bitcoin associated with the fund. But Coinbase’s custody firm is no longer included in the updated prospectus.

If approved, Valkyrie would be able to issue an unlimited number of shares for the fund, which would have its price updated daily between 4:00 and 4:30 pm ET, when trading on Wall Street comes to a daily close. The fund notes, however, that its ability to gather Bitcoin is limited by the network’s cap of 21 million than can ever be mined.

Valkyrie Digital Assets did not immediately respond to a request for comment from Decrypt.