Today, The Valkyrie Bitcoin Trust will be available to anyone who is an accredited investor. So far, it’s only been available to a small percentage of existing Valkyrie customers. Car retailers and dental clinics are showing an interest.
CIO of Valkyrie, Steven McClurg, said, “Some of these companies that have excess cash that aren’t being used for operations, they’re putting a significant portion of their access cash into Bitcoin through the trust. In many cases, it is north of 50%.”
There is a management fee of 40 basis points, which is smaller than competitors like Grayscale. The New York Stock Exchange filed an investment 19B-4 form for its bitcoin last Friday. It can take up to 45 days for the form to be reviewed and approved.
The fund administrator for Valkyrie’s ETF with bitcoin will be the U.S. Bank.