The investments manager said it confidentially filed for a bitcoin futures ETF months ago.
The fund is Valkyrie’s third closed-end crypto fund with staking that the company has launched this year.
The fund will offer exposure to ALGO and a 4%-6% staking yield.
Tron founder Justin Sun, Litecoin founder Charlie Lee and former Major League pitcher C.J. Wilson participated in the round.
The SEC designated Aug. 10 as the revised date when it will approve or disapprove Valkyrie's application.
The fund opens to accredited investors on May 1. Previously, the vehicle only included a handful of Valkyrie clients.
Valkyrie is charging a 2% management fee on the fund, just under Osprey’s 2.5%. Are DOT funds the new BTC funds for buttoned-up investors?
The SEC is already reviewing three ETF applications.
The proposed ETF would invest in companies who own bitcoin on their balance sheet, potentially serving as a proxy to the price of bitcoin.
The Valkyrie Bitcoin Trust would be listed on the NYSE and Coinbase Custody Trust Co. would serve as custodian.