Summary
Valkyrie’s bitcoin ETF has seen a doubling in assets under management (AUM) in the past two weeks, outperforming its competitors. The firm lowered its fees to remain competitive in the market, but emphasized the importance of maintaining a reasonable fee range to avoid negative impacts. Valkyrie is the only issuer to announce a secondary partnership for bitcoin custody, opting for a multiple custodial approach to mitigate risk. The company does not see a need to make wallet addresses public due to cybersecurity concerns. While some issuers may focus on advertising, Valkyrie is prioritizing education and engagement with financial advisors and institutions.
Key Points
1. Last week’s inflows for bitcoin ETFs in the US reached $1.1 billion, surpassing the outflows from Grayscale Bitcoin Trust (GBTC) which amounted to $415 million.
2. Valkyrie’s bitcoin ETF has seen its assets under management (AUM) double in the past two weeks, positioning them favorably among competitors.
3. Valkyrie has opted for a multiple custodial approach for their ETF, partnering with BitGo as a secondary custodian to bolster cybersecurity measures and avoid keeping all coins in one wallet.