US SEC Accepts Valkyrie’s Spot Bitcoin ETF Filing For Review
The US Securities and Exchange Commission (SEC) has reportedly agreed to review Valkyrie’s ambitious Bitcoin (BTC) exchange-traded fund (ETF) proposal. The latest development is highly remarkable for the industry as Valkyrie’s innovative ETF proposal seeks to bridge the gap between traditional finance and cryptocurrency.
Valkyrie’s ETF Application Enters SEC’s Nasdaq Rulemaking Category
Valkyrie’s application officially debuted in its docket on July 17 per the SEC’s Nasdaq rulemaking registry. Interestingly, the asset investment firm also secured the second spot among Bitcoin ETF proposals currently under the SEC’s review.
This development occurred after BlackRock’s ETF proposal highlighted the growing interest among traditional investment firms in the cryptocurrency market. Moreover, this is Valkyries’ second attempt at launching a spot Bitcoin ETF in the United States.
The previous attempt saw the company proposing listing its Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. Despite facing regulatory challenges from the SEC, Valkyrie successfully introduced a futures-based Bitcoin ETF in October 2021.
In a recent update, SEC Deputy Secretary Matthew DeLesDernier disclosed that Nasdaq resubmitted a proposed change to its guidelines for Bitcoin ETF on July 3. This change has helped to facilitate the listing of a Bitcoin ETF by Valkyrie, indicating the firm’s unwavering determination to explore new avenues for investors in the crypto market.
DeLesDernier stated that the trust’s sole asset would be Bitcoin. He further said that the trust will issue baskets periodically, which interested investors can pay for using Bitcoins.
Also, investors can enable their baskets’ redemption by receiving BTC. This investment option offers investors a novel and efficient approach to exploring the benefits of cryptocurrencies.
A Call For Feedback
Meanwhile, Valkyrie’s Bitcoin ETF proposal has been opened to public scrutiny, welcoming feedback and comments for 21 days. Interested parties and stakeholders have until August 7 to state their opinions and concerns about the move.
However, it is worth noting that the SEC’s evaluation process does not end within the comment period. The regulatory body retains the authority to take up to 45 days from the notice’s publication in the Federal Register to assess the proposal thoroughly.
Under certain circumstances, the SEC might extend this assessment window to a maximum of 90 days, during which it decides whether to approve or decline such proposals. This inclusive evaluation process reflects the SEC’s commitment to getting feedback from various perspectives.
Therefore, it can conduct a comprehensive analysis before deciding on the potential listing of the ETF product. Following BlackRock’s spot BTC ETF filing, Valkyrie submitted its cutting-edge Bitcoin ETF proposal to the US regulator last month.
The proposed ETF is set to make its mark under the ticker symbol “BRRR,” symbolizing the sound of currency printing. It is not just Valkyrie and BlackRock that have filed for Bitcoin ETF approval; many other asset management firms, such as WisdomTree, Bitwise, and Invesco, have all renewed their applications after being initially rejected by the SEC.
Observers believe that the recent push by traditional asset managers to launch a Bitcoin ETF product is a testament to the growing institutional interest in the token. Meanwhile, the industry awaits the SEC’s next move regarding the spike in Bitcoin ETF applications in the coming weeks.
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