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

On Wednesday, Valkyrie Funds, a Tennessee-based asset supervisor providing a bitcoin futures exchange-traded fund (ETF), a defi fund, and a bitcoin mining business ETF, filed with the U.S. Securities and Exchange Commission (SEC) for the launch of a spot bitcoin ETF.

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

Numerous market gamers are vying for the SEC’s approval of a spot bitcoin ETF. This rush for approval started after Blackrock, the world’s largest asset supervisor, filed to offer a spot bitcoin ETF with the SEC. To date, the SEC has not accredited any spot bitcoin ETFs and has rejected a number of functions over current years. Companies are permitted to supply futures-based ETFs, and several other debuted within the final quarter of 2021, together with 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 image might be “BRRR,” and it’ll make the most of CME Group’s CF Bitcoin Reference Rate. “The belief intends to record the shares on the Nasdaq inventory market,” states Valkyrie’s registration. Concurrently, when Valkyrie filed its spot bitcoin ETF utility, bitcoin (BTC) leaped above $30K after dropping to simply above $25K in mid-June. Valkyrie’s submitting additionally comes one week after Blackrock’s submission.

Since Blackrock’s submitting, BTC costs climbed even increased, and each Invesco and Wisdomtree additionally filed functions for spot bitcoin ETFs. For some purpose — amid lawsuits towards Binance and Coinbase — these funding corporations assume it’s an opportune second to use with the U.S. securities regulator. The wave of spot bitcoin ETF filings additionally coincides with the launch of EDX, a crypto change supported by Charles Schwab, Fidelity Digital Assets, and Citadel Securities, amongst others.

Thus far, the U.S. securities watchdog has not accredited any spot bitcoin exchange-traded merchandise. In early 2022, the SEC denied Fidelity’s request to record the Fidelity Wise Origin Bitcoin Trust. The SEC stated it was rejected attributable to an incapability to “forestall fraudulent and manipulative acts” or “defend buyers.” Fidelity’s submitting maintained that the SEC’s deal with “potential manipulation of bitcoin ETPs” was overstated, arguing that “manipulation issues have been sufficiently mitigated.”

Will a spot bitcoin ETF approval be the game-changer the market has been ready for? Share your ideas and opinions about this topic within the feedback part beneath.