The present invention generally relates to a valve assembly for use with a velocity string. The valve assembly is used during the snub-in operation and the snub-out operation of the velocity string. In one aspect, a valve for a velocity string is provided. The valve includes a body having a bore. The valve further includes a flapper member disposed in the body, wherein the flapper member includes a flapper that is movable between an opened position in which fluid flow is allowed to move through the bore in a first direction and a second direction, and a closed position in which fluid flow through the bore is blocked in the second direction. The valve further includes a sleeve member attached to the body by a releasable connection, wherein the sleeve member is configured to hold the flapper member in the opened position. The sleeve member is movable through the bore of the body upon release of the releasable connection. In another aspect, a method of using a valve attached to a bottom of a velocity string is provided. In a further aspect, a valve assembly for use with a velocity string is provided.