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ETFs are a trap, but I have to admit that Valkyrie's proposed ticker symbol is hilarious:
The Trust intends to list the Shares on The Nasdaq Stock Market, LLC (“Nasdaq”) under the symbol “BRRR.”
10 sats \ 1 reply \ @ek 22 Jun 2023
I think if you are a company and want bitcoin exposure (which is a good thing) in an accessible way (self custody is not trivial and less so for companies), ETFs are a good first step for mainstream bitcoin adoption.
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They are a quick and easy way to get price exposure, at the expense of several layers of counter-party risk.
If a company deems that risk exposure acceptable, that's on them. But my suspicion is that the risks of Bitcoin ETFs are generally underestimated. I think a company would be better off spending some small % of their Bitcoin budget on setting up a self-custody system, or at least waiting until industry standards emerge around self-custody models.
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Does not matter in the long run. Let ETF's happen.
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