Valkyrie,
one
of
the
providers
of
the
spot
bitcoin
exchange-traded
funds
(ETFs)
now
trading
in
the
U.S.,
has
added
BitGo
as
a
second
custodian
for
its
Bitcoin
Fund
(BRRR).
The
digital
asset
investment
firm
has
become
the
first
of
the
ETF
providers
to
diversify
custody
of
its
coins
by
tapping
BitGo’s
expertise
in
addition
to
Coinbase.
Mike
Belshe,
CEO
of
BitGo,
described
the
partnership
as
a
“huge
win,”
in
a
post
on
X,
adding
that
Valkyrie
is
“leading
the
industry
with
the
best
approach
to
mitigate
risk
in
ETF
custody.”
Commentators
have
echoed
the
sentiment,
predicting
that
other
ETF
providers
will
also
look
to
add
supplementary
custodians
in
the
near
future.
Bloomberg
analyst
James
Seyffart
wrote
that
he
“wouldn’t
be
surprised
to
see
some
other
funds
to
something
similar.”
Nate
Geraci,
president
of
The
ETF
Store,
said
in
an
X
post
that
other
fund
issuers
are
talking
to
Gemini,
Kraken,
BitGo
and
others
to
serve
as
secondary
custodians.