Bitcoin ETF Provider Valkyrie Adds BitGo as Second Custodian in Risk Mitigation Move
Summary
Valkyrie, a provider of spot bitcoin exchange-traded funds (ETFs) in the U.S., has added BitGo as a second custodian for its Bitcoin Fund (BRRR), making it the first ETF provider to diversify custody of its coins. The partnership with BitGo is seen as a significant step in mitigating risk in ETF custody. Industry commentators predict that other ETF providers will likely add supplementary custodians soon. Other fund issuers are reportedly in talks with Gemini, Kraken, and BitGo to serve as secondary custodians.
