Exciting news from the digital asset space as Valkyrie, a pioneer in offering spot bitcoin exchange-traded funds (ETFs) in the U.S., takes a significant step forward by welcoming BitGo as a secondary custodian for its Bitcoin Fund (BRRR). This strategic move marks Valkyrie as the first among ETF providers to enhance the security and trust of its digital assets by incorporating BitGo’s renowned custodial services alongside Coinbase.
BitGo’s CEO, Mike Belshe, celebrates this collaboration as a “huge win,” showcasing Valkyrie’s commitment to leading the industry with top-tier risk mitigation strategies for ETF custody. The decision has been met with widespread approval, with industry experts anticipating that Valkyrie’s forward-thinking approach will set a new trend for other ETF providers to follow. Indeed, Bloomberg’s analyst, James Seyffart, and Nate Geraci, president of The ETF Store, hint at a growing interest among fund issuers to explore additional custodians like Gemini, Kraken, and BitGo, to bolster fund security and reliability.
As digital assets continue to draw interest and investment, moves like Valkyrie’s partnership with BitGo are pivotal in ensuring that the burgeoning sector remains robust, secure, and trustworthy. This development not only underscores the importance of innovative custodial solutions in the digital asset world but also points towards a future where such strategic partnerships become the norm, fostering greater confidence and stability in cryptocurrency investments.
