Valkyrie has expanded its custodial partnerships, incorporating BitGo alongside Coinbase Trust Company for its spot bitcoin exchange-traded fund, as revealed in a recent regulatory filing. This strategic move aligns with the industry trend, where various spot bitcoin ETFs, including those by BlackRock, Bitwise, and Ark21, opt for Coinbase as their custodian. Notably, the Hashdex spot bitcoin ETF, approved last month, stands out by entrusting BitGo with custodial responsibilities. Mike Belshe, CEO of BitGo, lauds Valkyrie's decision, emphasizing its significance for the industry's asset security. Amidst intensifying competition, spot bitcoin ETF issuers are exploring avenues to enhance profitability, with fee reductions becoming a prevalent tactic. Invesco and Galaxy, positioned in the middle of the pack, recently slashed their fee from 0.39% to 0.25%, mirroring a broader trend as firms, including Fidelity, respond to the evolving landscape.
Valkyrie Boosts Bitcoin ETF Security with BitGo and Coinbase Custodianship
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