Valkyrie has launched an exchange-traded fund dubbed Valkyrie Balance Sheet Opportunities ETF that tracks companies with large bitcoin holdings.
VBB is long on Microstrategy, Tesla, Square, and other firms that have been upbeat on investing in crypto assets.
Valkyrie’s Chief Information Officer, Steve McClurg, says that VBB may not attract inflows matching US BTC futures’ in November but maintains that the more traditional structure had a greater market cap.
McClurg notes that futures mostly attract hedge funds and momentum traders, but there remain some financial advisors who would not use them due to their specific aspects like the contango.
The ETF is the latest financial instrument skewed towards cryptocurrencies and comes when an estimated $70 billion is currently held by institutional clients.
BlackRock, Robinhood, PayPal, Overstocks, BTCS, Coinbase, and Mastercard, are among the fund’s top-ranking holding at its debut.