- The Securities and Exchange Commission has added Valkyrie’s spot Bitcoin ETF application to its official roll, signaling an official review of the filing.
- Other institutions and the public have 21 days to submit their comments on the potential ramifications of Valkyrie’s submission, within the committee’s deadline.
- Valkyrie has resubmitted its Bitcoin exchange-traded fund application after Wall Street titan BlackRock filed its own application on June 15.
- The asset manager named Coinbase as its surveillance partner in a July 5 filing after the SEC deemed previous filings inadequate.
The Federal Register of the US Securities and Exchange Commission shows that there was a second spot Bitcoin ETF filing added for official review. Indeed, Valkyrie’s submission to list a Bitcoin exchange-traded fund on the NASDAQ is now on the committee’s calendar.
The SEC also accepted the iShares Bitcoin Trust for review on July 13.
Valkyrie is one of many financial juggernauts like BlackRock in the race to offer US clients access to a fund that invests directly in Bitcoin. The company’s ETF named the Valkyrie Bitcoin Fund under its proposed ticker “BRRR” — a nod to a meme about mimicking the sound of money printing — was added to the SEC’s list on July 17.
Under the SEC’s review process, a 21-day comment period has been opened for Valkyrie’s filing. During this time, other institutions and the public are welcome to voice their opinions on how Valkyrie’s spot Bitcoin ETF could impact financial markets, the fund’s risk to investors, and other possible outcomes if the SEC approves the filing.
Spot Bitcoin ETF Marathon
Valkyrie’s resubmission was an update to the original ETF that was submitted in 2021. The amended filing filed on July 21 named Coinbase as a partner for a contentious market surveillance deal shortly after Wall Street titan BlackRock opened the floodgate with its own mock Bitcoin ETF filing on June 15. .
Since BlackRock’s move, other would-be ETF issuers such as WisdomTree, Fidelity, and Invesco have put their own respective applications to use. Former SEC Chairman Jay Clayton was optimistic about the chances of a successful filing for at least one of these players.
