Valkyrie Funds Joins Race for SEC Approval as It Files Application for Spot Bitcoin ETF 

On Wednesday, Valkyrie Funds, a Tennessee-based plus manager offering a bitcoin futures exchange-traded money (ETF), a defi fund, and a bitcoin mining manufacture ETF, filed with the U.S. Securities and Exchange Commission (SEC) for the motorboat of a spot bitcoin ETF.

SEC Flooded With Spot Bitcoin ETF Applications arsenic Valkyrie Funds Steps Into the Ring

Numerous marketplace players are vying for the SEC’s support of a spot bitcoin ETF. This unreserved for support began aft Blackrock, the world’s largest plus manager, filed to offer a spot bitcoin ETF with the SEC. To date, the SEC has not approved immoderate spot bitcoin ETFs and has rejected respective applications implicit caller years. Companies are permitted to supply futures-based ETFs, and respective debuted successful the past 4th of 2021, including Valkyrie’s Bitcoin Strategy ETF.

On June 21, 2023, Valkyrie submitted an application to the SEC for its spot bitcoin ETF named “Valkyrie Bitcoin Fund.” The ticker awesome volition beryllium “BRRR,” and it volition utilize CME Group’s CF Bitcoin Reference Rate. “The spot intends to database the shares connected the Nasdaq banal market,” states Valkyrie’s registration. Concurrently, erstwhile Valkyrie filed its spot bitcoin ETF application, bitcoin (BTC) leaped supra $30K aft dropping to conscionable supra $25K successful mid-June. Valkyrie’s filing besides comes 1 week aft Blackrock’s submission.

Since Blackrock’s filing, BTC prices climbed adjacent higher, and some Invesco and Wisdomtree besides filed applications for spot bitcoin ETFs. For immoderate crushed — amid lawsuits against Binance and Coinbase — these concern firms deliberation it is an opportune infinitesimal to use with the U.S. securities regulator. The question of spot bitcoin ETF filings besides coincides with the launch of EDX, a crypto speech supported by Charles Schwab, Fidelity Digital Assets, and Citadel Securities, among others.

Thus far, the U.S. securities watchdog has not approved immoderate spot bitcoin exchange-traded products. In aboriginal 2022, the SEC denied Fidelity’s petition to database the Fidelity Wise Origin Bitcoin Trust. The SEC said it was rejected owed to an inability to “prevent fraudulent and manipulative acts” oregon “protect investors.” Fidelity’s filing maintained that the SEC’s absorption connected “potential manipulation of bitcoin ETPs” was overstated, arguing that “manipulation concerns person been sufficiently mitigated.”

Will a spot bitcoin ETF support beryllium the game-changer the marketplace has been waiting for? Share your thoughts and opinions astir this taxable successful the comments conception below.