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.
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