BREAKING: Valkyrie Investments In Bold Move To Re-file Bitcoin Spot ETF Application

Key Points:

• Valkyrie Investments files an application for a Bitcoin spot ETF with the SEC, choosing Coinbase as its Self-Supporting Account counterpart.
• The SEC now faces pressure to approve a Bitcoin spot ETF as multiple asset managers, including BlackRock, have submitted similar filings.
• If approved, the ETF could attract substantial investment, but the impact on Bitcoin’s market remains uncertain until the SEC decides.

Valkyrie Investments, a crypto-focused asset management firm, has filed an application with the US Securities and Exchange Commission (SEC) to launch a Bitcoin spot ETF, and this time, the leading US cryptocurrency exchange Coinbase was chosen as its Self-Supporting Account (SSA) counterpart in the filing.

Valkyrie has also filed a fresh request for clearance for its Bitcoin Spot ETF, following in the footsteps of BlackRock and numerous other managers. The request parallels that of BlackRock since it is contained in the provisions of the market surveillance that would include NASDAQ and Coinbase.

Valkyrie’s proposal is almost comparable to that of the investment giant, which should have a fair chance of acceptance, at least rationally and legally, in a world of Bitcoin Spot ETFs that have not found a hotel solely in the United States.

The SEC received the latest submission on July 3, and the agency now has to comment on an additional product as pressure increases for one of these vehicles to be authorized in the United States as well.

The United States is at a standstill in terms of Bitcoin Spot ETFs, which have been consistently denied by the agency run by Gary Gensler over the previous decade, even when the directors were deemed more open to the BTC sector.

Now the ball is in SEC’s court, which must express itself on a variety of applications, some of which include industry titans like BlackRock, WisdomTree, and, specifically, Valkyrie. The strain is rising on the agency, which was also fulfilled in terms of requests this time.

In reality, at the end of June, the SEC urged BlackRock and Fidelity to integrate the paperwork since it was lacking in reference to the agreement made by Coinbase with NASDAQ, which the SEC regarded necessary. These agreements have now been made clear, even in the Valkyrie application, and there should be a high possibility that everything will be accepted.

If approved, a considerable influx of cash is predicted for a product that, at least for some types of investors, will continue to be a superior vehicle to direct investment.

Yet, making estimations is now challenging. We will have to wait for any approvals before determining the effect on Bitcoin. Many people have high hopes for BlackRock, which has filed for 576 ETFs and has only been refused once.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Harold

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