Valkyrie Taps BitGo as Second Custodian for Its Bitcoin ETF

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Spot bitcoin exchange-traded funds (ETFs) provider Valkyrie has onboarded crypto custodian BitGo as a second custodian for its Bitcoin Fund, in addition to Coinbase. Last month, The U.S. securities regulator approved​ the first U.S.-listed ETFs to track bitcoin.

"This is a huge win for the industry as we partner to secure their assets," BitGo CEO Mike Belshe said in a post on X, adding that Valkyrie is "leading the industry with the best approach to mitigate risk in ETF custody."

"I think this is a diversification of their custodian(s). At initial ETF filing & approval every ETF only had one custodian -- Valkyrie had Coinbase," James Sayffart, a Bloomberg analyst, commented.

Last month, BitGo​ has secured in-principle approval to operate as a Major Payment Institution (MPI) in Singapore.

In November, Fazzaco reported that European digital asset management firm CoinShares obtained the exclusive option to acquire the ETF unit of Valkyrie Investments, including the Valkyrie Bitcoin Fund.