The CoinShares Bitcoin ETF is a U.S.-listed spot Bitcoin exchange-traded product that gives investors exposure to Bitcoin through a traditional brokerage account. Trading under the ticker BRRR on Nasdaq, the trust holds Bitcoin directly and seeks to reflect the performance of the CME CF Bitcoin Reference Rate – New York Variant, less fees and expenses. The product launched in January 2024 under the Valkyrie brand and became part of CoinShares following its acquisition of Valkyrie’s U.S. ETF business.
Overview
- Product name: CoinShares Bitcoin ETF
- Ticker: BRRR
- Inception date: January 10, 2024
- Exchange: Nasdaq
- Sponsor: CoinShares Co.
- Underlying asset: Bitcoin
- Benchmark: CME CF Bitcoin Reference Rate – New York Variant
- Sponsor fee: 0.25% annually
- Bitcoin custodians: Coinbase Custody Trust Company, BitGo Trust Company, and Komainu (Jersey) Limited
- Cash custodian: U.S. Bank, N.A.
Fund Structure and Investment Objective
BRRR is structured as a Delaware trust rather than a conventional investment company registered under the Investment Company Act of 1940. Its shares are registered under the Securities Act of 1933 and trade on Nasdaq. As a result, the product does not receive all of the regulatory protections that apply to mutual funds and ETFs registered under the 1940 Act.
The trust invests substantially all of its assets in Bitcoin. It does not use Bitcoin futures, swaps, leverage, or other derivatives as its primary source of exposure. Each share represents a fractional beneficial interest in the Bitcoin and other assets held by the trust.
Benchmark, Holdings, and Fees
BRRR tracks the CME CF Bitcoin Reference Rate – New York Variant, commonly known as BRRNY. The benchmark calculates a once-daily U.S. dollar reference price for Bitcoin using transaction data from eligible cryptocurrency exchanges and is synchronized with the U.S. market close.
The trust charges a 0.25% annual sponsor fee. As of September 7, 2026, CoinShares reported holdings of approximately 5,705.29 BTC and about $454.9 million in assets under management. Fund holdings and asset values change with Bitcoin prices as well as creations and redemptions.
Custody and Service Providers
CoinShares uses a multi-custodian structure for BRRR. Coinbase Custody Trust Company, BitGo Trust Company, and Komainu (Jersey) Limited are listed as Bitcoin custodians. The arrangement distributes the trust’s Bitcoin across multiple custody providers rather than relying on a single institution.
U.S. Bancorp Fund Services serves as administrator, while U.S. Bank acts as cash custodian. Paralel Distributors is listed as the marketing agent. Investors generally buy and sell BRRR shares through brokerage accounts rather than interacting directly with the trust or taking custody of the underlying Bitcoin.
From Valkyrie Bitcoin Fund to CoinShares Bitcoin ETF
BRRR began trading in January 2024 as the Valkyrie Bitcoin Fund after U.S. regulators approved the first group of spot Bitcoin exchange-traded products. In March 2024, CoinShares completed its acquisition of Valkyrie Funds and the sponsor rights to BRRR as part of its expansion into the U.S. asset-management market.
The product subsequently operated as the CoinShares Valkyrie Bitcoin Fund and later the CoinShares Valkyrie Bitcoin Trust. On July 25, 2025, the trust adopted its current name, CoinShares Bitcoin ETF, while retaining the BRRR ticker. The changes reflected the broader integration of Valkyrie’s U.S. investment products into the CoinShares brand.
Risks and Considerations
BRRR remains exposed to the underlying risks of Bitcoin, including sharp price volatility, regulatory changes, market disruption, custody failures, and cybersecurity incidents. Shares can trade at premiums or discounts to net asset value, particularly during periods of market stress or reduced liquidity.
Investors in BRRR do not hold Bitcoin directly and do not control the private keys associated with the trust’s assets. The sponsor fee and other liabilities also reduce the amount of Bitcoin represented by each share over time. Because the trust is not registered under the Investment Company Act of 1940, investors should also consider the structural differences between BRRR and conventional registered ETFs.
