The Valkyrie Bitcoin Fund (NASDAQ: BRRR)
The Valkyrie Bitcoin Fund (the “Trust”) is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Trust. The Trust’s purpose is to hold bitcoin, which is a digital commodity based on the cryptographic protocols used by the decentralized, peer-to-peer bitcoin computer network.
Why BRRR?
REAL BITCOIN
Trust owns bitcoin directly.
ACCESSIBLE
Own bitcoin through an exchange traded fund. Shares held directly with your broker.
Secure
Cold storage custody of Trust’s bitcoin.
Expertise
Sponsored by a digital asset-focused investment firm.
Fund Summary
Data as of 04/09/2024
- Ticker
- BRRR
- CUSIP
- 91916J 100
- ISIN
- US91916J1007
- Exchange
- Nasdaq
- Fund Type
- Alternative
- Inception Date
- 1/10/2024
- Administrator
- US Bancorp Fund Services LLC
- Marketing Agent
- Paralel Distributors, LLC
- Cash Custodian
- U.S. Bank, N.A.
- Bitcoin Custodian
- Coinbase Custody Trust Company LLC
- Sponsor
- Valkyrie Digital Assets LLC, CoinShares Co.
- Bitcoin Index
- CME CF Benchmarks Bitcoin Reference Rate-New York Variant
- Sponsor Fee
- 0.25% (Sponsor is waiving all Sponsor Fees for first three months)
- NAV
- 19.53
- Prior Day NAV
- 20.36
- NAV Change Dollars
- -0.83
- Market Price
- 19.56
- Prior Day Market Price
- 20.36
- Market Price Change Dollars
- -0.80
- Bid-Ask Price
- 19.56
- Bitcoin Index Price
- 68,876.78
- Premium/Discount Percentage
- 0.17
- Median 30 Day Spread Percentage
- 0.10
- Net Assets
- 535,938,416.34
Fund Materials
Prospectus
Investment Objective
The investment objective of the Trust is for the Shares to reflect the performance of the value of a bitcoin as represented by the CME CF Bitcoin Reference Rate - New York Variant (the “Index”), less the Trust’s liabilities and expenses. The Shares are designed to provide investors with a cost-effective and convenient way to invest in bitcoin. There can be no assurance that the Trust will achieve its investment objective.
Investment Strategy
The Trust will invest substantially all its assets in bitcoin.
Holdings
Data as of 04/09/2024
Subject to change
| Name | Ticker | Shares | Market Value |
| BITCOIN | XBTUSD | 7,781.12 | 535,938,414.63 |
| Cash & Other | Cash&Other | -688.13 | -688.13 |
BRRR Monthly Performance
Data as of 04/09/2024
| Fund Ticker | 1 Month | 3 Month | YTD | 1 Year | Since Inception |
|---|---|---|---|---|---|
| BRRR NAV | 14.00 | 0.00 | 0.00 | 0.00 | 54.32 |
| BRRR MKT | 14.51 | 0.00 | 0.00 | 0.00 | 54.85 |
Quarter End Performance
| 1 Year | 3 Years | 5 Years | Since Inception | |
| NAV | -- | -- | -- | -- |
| Market Price | -- | -- | -- | -- |
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. All results are historical and assume the reinvestment of dividends and capital gains. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Trust. Any applicable brokerage fees and commissions will reduce returns.
| 2023 | Q1 2024 | Q2 2024 | |
| Days traded at premium | -- | 4 | -- |
| Days traded at net asset value | -- | 0 | -- |
| Days traded at discount | -- | 2 | -- |
Investing involves risks. The loss of principal is possible. The Trust may not be
suitable for all investors. This investment case does not constitute a recommendation of
any investment strategy or product for a particular investor. Investors should consult a
financial advisor/financial
consultant before making any investment decisions.
The Trust’s investment objectives, risks, charges and expenses should be considered before investing. The prospectus contains this and other important information, and it may be obtained at https://www.valkyrieinvest.com/brrr/. Read it carefully before investing.
Bitcoin trading prices are volatile and shareholders could lose all or substantially all of their investment in the Trust.
This is a new ETF with limited operating history.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Trust. Any applicable brokerage fees and commissions apply and will reduce returns.
Bitcoin Investing Risk. The Trust invests in bitcoin. Bitcoin is a relatively new and highly speculative investment. The risks associated with bitcoin include the following:
Bitcoin is a new technological innovation with a limited history. There is no assurance that usage of bitcoin will continue to grow. A contraction in use of bitcoin may result in increased volatility or a reduction in the price of bitcoin, which could adversely impact the value of the Trust. The Bitcoin Network was launched in January 2009, platform trading in bitcoin began in 2010, which limits a potential shareholder’s ability to evaluate an investment in the Trust.
The Trust is exposed to risks associated with the price of bitcoin, which is subject to numerous factors and risks. The price of bitcoin is impacted by numerous factors, including:
- The total and available supply of bitcoin, including the possibility that a small group of early bitcoin adopters hold a significant proportion of the bitcoin that has thus far been created and that sales of bitcoin by such large holders may impact the price of bitcoin;
- Global bitcoin demand, which is influenced by the growth of retail merchants’ and commercial businesses’ acceptance of bitcoin as payment for goods and services, the security of online bitcoin exchanges and public bitcoin addresses that hold bitcoin, the perception that the use and holding of bitcoin is safe and secure, the lack of regulatory restrictions on their use, and the reputation regarding the use of bitcoin for illicit purposes;
- Global bitcoin supply, which is influenced by similar factors as global bitcoin demand, in addition to fiat currency (i.e., government currency not backed by an asset such as gold) needs by miners and taxpayers who may liquidate bitcoin holdings to meet tax obligations;
- Investors’ expectations with respect to the rate of inflation of fiat currencies and deflation of bitcoin;
- Foreign exchange rates between fiat currencies and digital assets such as bitcoin;
- Interest rates;
- The continued operation of bitcoin exchanges in the United States and foreign jurisdictions, including their regulatory status, trading and custody policies, and cyber security;
- Investment and trading activities of large investors, including private and registered funds, that may directly or indirectly invest in bitcoin;
- Regulatory measures, if any, that restrict the use of bitcoin as a form of payment or the purchase or sale of bitcoin, including measures that restrict the direct or indirect participation in the bitcoin market by financial institutions or the introduction of bitcoin instruments;
- The maintenance and development of the open-source software protocol of the Bitcoin Network;
- Increased competition from other cryptocurrencies and digital assets, including forks of the Bitcoin Network;
- Developments in the information technology sector;
- Global or regional political, economic or financial events and situations;
- Investor or Bitcoin Network participant sentiments on the value or utility of bitcoin; and
- The dedication of mining power to the Bitcoin Network and the willingness of bitcoin miners to clear bitcoin transactions for relatively low fees.
Negative developments in any of these factors could adversely impact an investment in the Trust.
A decline in the adoption of bitcoin could negatively impact the performance of the Trust. As a new asset and technological innovation, the bitcoin industry is subject to a high degree of uncertainty. The adoption of bitcoin will require growth in its usage for various applications that include retail and commercial payments, cross-border and remittance transactions, speculative investment and technical applications.
