Nasdaq-listed spot Bitcoin ETF backed by physical BTC held across Coinbase and BitGo
CoinShares Bitcoin ETF (ticker: BRRR) is a spot Bitcoin exchange-traded fund listed on Nasdaq. Designed to track the performance of bitcoin minus liabilities and expenses, the fund provides investors with direct exposure to physically backed digital commodity holdings through traditional securities brokerages.
The fund is sponsored by CoinShares Co. under parent firm CoinShares International Ltd., with Jean-Marie Mognetti serving as Chief Executive Officer. Mognetti, who previously worked as a quantitative trader at Hermes Commodities Fund Managers, co-founded the firm to manage regulated digital asset investments. CoinShares established Europe's early crypto exchange-traded products and the first regulated bitcoin hedge fund before acquiring the sponsor rights to BRRR from Valkyrie Funds in March 2024.
BRRR is structured as a Delaware statutory trust rather than an investment company registered under the Investment Company Act of 1940. It tracks the CME CF Bitcoin Reference Rate - New York Variant (BRRNY), which calculates a daily benchmark price by aggregating spot trades from major cryptocurrency exchanges at 16:00 New York time. To avoid single-custodian concentration, the fund uses a multi-custodian setup, holding its physical bitcoin with Coinbase Custody Trust Company and BitGo Trust Company, both chartered qualified custodians in the United States.
The trust charges a standard annual sponsor fee of 0.25%. Originally established as the Valkyrie Bitcoin Fund in January 2021, the vehicle began exchange trading on Nasdaq on January 11, 2024. CoinShares completed its acquisition of the fund's sponsor rights in March 2024. By September 2026, the fund held approximately 5,705.29 BTC, representing around $454.9 million in assets under management.
Holding shares in BRRR introduces risks distinct from self-custodied crypto assets. Investors cannot redeem their fund shares directly for underlying bitcoin, leaving them dependent on cash liquidation through brokerages. The 0.25% management fee gradually reduces relative performance over time. Like all spot crypto exchange-traded vehicles, the fund is exposed to bitcoin price volatility, potential tracking errors against spot market prices, and shifting regulatory frameworks.
Former quantitative trader at Hermes Commodities Fund Managers with a background in quantitative finance and capital markets.
BRRR offers physical Bitcoin exposure backed by a diversified multi-custodian structure, but its 0.25% sponsor fee faces intense competition from larger funds.
The CoinShares Bitcoin ETF (BRRR) is a spot Bitcoin trust listed on the Nasdaq that provides direct exposure to physically backed bitcoin without requiring investors to handle private keys. Originally organized as a Delaware statutory trust under the name Valkyrie Bitcoin Fund, the trust began trading on January 11, 2024, before CoinShares completed its acquisition of Valkyrie Funds in March 2024 to assume sponsorship. CoinShares itself operates under parent entity CoinShares International Ltd., led by CEO and co-founder Jean-Marie Mognetti.
BRRR tracks the CME CF Bitcoin Reference Rate - New York Variant (BRRNY), a once-daily benchmark synchronizing with the 16:00 New York financial market close. As of September 2026, the fund held 5,705.29 BTC, representing approximately $454.9M in assets under management. A notable structural advantage is its multi-custodian setup. Rather than relying on a single depository, the trust distributes underlying holdings across Coinbase Custody Trust Company and BitGo Trust Company, mitigating single-point-of-failure risks at the custodian level.
However, the trust faces distinct trade-offs:
The trust is not registered under the Investment Company Act of 1940 and does not provide traditional mutual fund regulatory protections. BRRR suits traditional brokerage and retirement account investors seeking regulated spot Bitcoin exposure with split custody risk. Investors who require direct on-chain ownership, staking capabilities, or the deepest institutional trading liquidity may prefer self-custody solutions or larger volume alternatives.
| Ticker | BRRR |
|---|---|
| Issuer | CoinShares |
| Holds | Bitcoin · unverified |
| Structure | Spot ETF · unverified |
| Expense ratio | 0.25% · unverified |
| Assets under management | $454.9M · unverified |
| Listed on | Nasdaq · unverified |
| Launch date | 2024-01-11 · unverified |
| Custodian | Coinbase Custody, BitGo · unverified |
| Stakes its holdings | No · unverified |
| Market | United States · unverified |
Not disclosed by the provider: Fee waiver, Options available.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Holds physical bitcoin directly, backing each share with a fractional beneficial interest in the underlying cryptocurrency.
Reflects the price performance of the CME CF Bitcoin Reference Rate - New York Variant (BRRNY), measured daily at 16:00 New York time.
Distributes reserve storage between Coinbase Custody Trust Company and BitGo Trust Company to minimize single-point custodian risk.
Trades under the ticker BRRR during regular US market hours across standard retail brokerage and retirement accounts.
Applies an annual sponsor fee of 0.25%, calculated daily and deducted from trust assets.
Outlines the ETF's investment thesis, describing its physically backed bitcoin structure and fractional share model for brokerage accounts.
Details the primary objective of tracking the CME CF Bitcoin Reference Rate - New York Variant alongside fund mandate policies.
Presents historical performance metrics, tracking accuracy, distributions, and any premium or discount to net asset value.
Provides operational information covering key service providers, including custodians Coinbase Custody and BitGo.
CoinShares research reports, educational guides, and market flow updates serve as reference material across online crypto discussions.
Based on 20 Reddit posts and comments from the last 12 months, checked Oct 26, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
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CoinShares was co-founded by Jean-Marie Mognetti, who serves as Chief Executive Officer. The firm acquired the fund's sponsor rights from Valkyrie Funds in March 2024.
The trust charges an annual sponsor fee of 0.25% per annum. Ordinary brokerage commissions and trading fees may also apply when buying or selling shares on the secondary market.
BRRR trades publicly on the Nasdaq exchange in the United States. Investors can buy and sell shares through standard retail and institutional brokerage accounts.
BRRR implements a multi-custodian framework, holding its underlying bitcoin with Coinbase Custody Trust Company and BitGo Trust Company. Both custodians operate as independent qualified custodians chartered under New York State Banking Law.
The ETF tracks the CME CF Bitcoin Reference Rate - New York Variant (BRRNY). The index aggregates trade execution data across major crypto spot exchanges to establish a daily benchmark price at 16:00 New York Time.
No, BRRR holds only spot bitcoin and does not stake its assets. Individual shareholders also cannot redeem their shares directly for physical bitcoin.
Recent public posts from @CoinSharesCo, shown as published. Not reviewed or endorsed by CryptoReview.
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