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Home»ADOPTION NEWS»Valkyrie has added BitGo as a custodian for its spot Bitcoin ETF.
ADOPTION NEWS

Valkyrie has added BitGo as a custodian for its spot Bitcoin ETF.

By Crypto FlexsFebruary 3, 20242 Mins Read
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Valkyrie has added BitGo as a custodian for its spot Bitcoin ETF.
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Valkyrie has added BitGo as the custodian of its spot Bitcoin exchange-traded fund, according to a regulatory filing posted on Thursday.

Valkyrie said it still plans to retain Coinbase Trust Company as custodian.

“We expect that backers will utilize the custody services of Coinbase and BitGo to store the Trust’s bitcoins,” Valkyrie said.

Among the spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC), many have Coinbase as custodian, including BlackRock, Bitwise, and Ark21. Hashdex Spot Bitcoin ​ETF, which was also approved last month, was listed. bit go As a janitor.

In a post on X, formerly known as Twitter, BitGo CEO Mike Belshe called Valkyrie’s move to add his company as a custodian a win for the industry.

“Valkyrie added @bitgo as their caretaker #Bitcoin ETF. “This is a huge win for the industry as we work together to protect our assets,” Belshe said Thursday.thank you @valkyriefunds, @LeahWald and @stevenmcclurg “We are leading the industry with the best approach to mitigating the risks of ETF custody.”

Competition heats up

Spot Bitcoin ​​ETF issuers are said to be looking for ways to increase profitability as competition among companies intensifies. bloomberg News.

Companies continued to reduce fees last month. Among them, Invesco and Galaxy’s spot Bitcoin ETFs were more middle-of-the-road. fell Earlier this week, the fee increased from 0.39% to 0.25%.

fidelity lowered Just before the spot Bitcoin ETF was approved, fees were lowered from 0.39% to 0.25%.

Updated at 4:15 PM ET to include Mike Belshe’s post.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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