The Exciting Launch of Valkyrie’s ETF
Crypto enthusiasts, rejoice! Valkyrie has just dropped a new exchange-traded fund (ETF) that promises to sprinkle some Bitcoin fairy dust on your investment portfolio. Officially launched on the Nasdaq Stock Market, the Balance Sheet Opportunities ETF (ticker: VBB) gives you a chance to invest in Bitcoin without actually buying the asset directly. How’s that for irony?
ETF Overview and Structure
Here’s the breakdown: 80% of VBB’s net assets will be tied up in securities of U.S. firms that have Bitcoin on their balance sheets — think custodians, crypto exchanges, and splendid traders. It’s like betting on the horse without actually riding. Additionally, the ETF can dabble in Bitcoin mining companies (up to 10%) and pooled investment vehicles that hold Bitcoin (up to 5%).
Pricing and Performance
At the time of writing, shares of the VBB fund are cruising at $24.48, though they’ve experienced a slight dip of more than 1.5% since their launch. Talk about a rollercoaster ride! As for Valkyrie’s previous foray into the ETF realm? Their Bitcoin Strategy ETF, created last October, is currently sitting at $18.70—down roughly 27% since it was launched.
Regulatory Greenlights and Challenges
Despite the SEC giving Valkyrie and a few others the thumbs-up for Bitcoin derivatives ETFs, direct investment in crypto remains on the back burner. It’s like the SEC is saying, “We love the idea, but let’s not get too crazy just yet.” Meanwhile, our friends up north in Canada seem to be throwing Bitcoin parties, having approved ETFs from companies like Fidelity.
Bitcoin Price Watch
If you’re wondering how Bitcoin itself is faring, it hit a high of over $49,000 on December 16, before taking a scenic dive of over 30% since its all-time peak of $69,000 on November 9. Current BTC prices are hovering around $47,736. So, if you’re looking for volatility, Bitcoin is still your best friend!
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