Digital asset investment firm, Valkyrie, has become the first spot Bitcoin Exchange-Traded Fund (ETF) to diversify the custody of its coins, according to a recent Securities and Exchange Commission (SEC) filing. In a move to enhance security and reliability, Valkyrie is now working with leading custodian provider BitGo, already in addition to Coinbase, to safeguard their funds.
The filing, dated February 1, 2024, is an attempt by Valkyrie to strengthen the security infrastructure of its spot Bitcoin ETF by engaging multiple custody providers. The collaboration with BitGo aims to optimize for the safety of their bitcoin by diversifying the funds that were all previously held with Coinbase.
“On January 17, 2024, Valkyrie Bitcoin Fund (the “Trust”) and BitGo Trust Company, Inc. (“BitGo”), a South Dakota trust company duly organized and chartered under the South Dakota Banking Law, entered into a Custodial Services Agreement,” the filing stated. “Pursuant to the Agreement, BitGo
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