Spot Bitcoin ETF Update: Valkyrie Now Joins The Prospectus Amendment Train

Key Points:

• Valkyrie Digital Assets has resubmitted its prospectus for a spot Bitcoin ETF to the SEC, following other asset managers’ actions.
• Analysts believe there is a high probability of these ETFs being approved in January 2024 or earlier, possibly up to 90%.

Valkyrie Digital Assets submitted an updated prospectus for the spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC).

Bloomberg Intelligence Analyst James Seyffart reported hat Valkyrie Digital Assets has submitted an updated prospectus for a Bitcoin spot ETF to the SEC, following similar actions by other asset managers such as BlackRock, Fidelity, and Invesco. Bloomberg analysts believe there is a high probability of these ETFs being approved in January 2024 or earlier, possibly up to 90%.

Valkyrie Applies for Spot Bitcoin ETF

Valkyrie had initially filed the spot Bitcoin ETF application in January 2021, which was rejected by the SEC. However, the renewed interest in spot Bitcoin ETFs led Valkyrie to refile its application. 

On July 5, 2023, CoinDesk reported Valkyrie Digital Assets refiled its application for a spot Bitcoin ETF. Their new filing includes a surveillance-sharing agreement with crypto exchange Coinbase, aimed at preventing market manipulation. This agreement is a crucial component of all recent ETF applications.

BTC Bullish Trend Ahead of Spot ETF Application

BTC remained above the 50-day and 200-day EMAs, signaling a bullish trend. If BTC breaks through the $35,265 resistance level, it could test the $36,400 resistance level. The focus will remain on BTC-spot ETF application-related news. However, if BTC drops below $34,000, it may move towards the $32,436 support level.

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