Bitcoin

Valkyrie Spot Bitcoin ETF Continues To Signal Positivity With 4th Amendment

Key Points:

Valkyrie updates the Valkyrie Spot Bitcoin ETF application with the SEC for the fourth time.
Major players like Fidelity and BlackRock also amend their Bitcoin ETF filings.

Valkyrie, the asset management firm, has once again updated its application for a Spot Bitcoin ETF with the US Securities and Exchange Commission (SEC).

Fourth Revision of Valkyrie Spot Bitcoin ETF Application Signals Determination

This marks the fourth revision of the S-1 registration form for the proposed Valkyrie Spot Bitcoin ETF, highlighting the company’s determination to navigate the regulatory landscape.

The SEC has been actively engaging with various fund issuers, including Valkyrie, to discuss the launch of spot Bitcoin ETFs. These discussions primarily center on the operational aspects of such funds. Over the past years, the SEC has rejected numerous applications for spot Bitcoin ETFs, citing concerns about inadequate trading surveillance, which could expose the underlying spot market to potential fraud and manipulation.

Valkyrie Funds, known for its Bitcoin Strategy ETF and Bitcoin Miners ETF, initially filed for the Valkyrie Spot Bitcoin ETF in June. The proposed ETF aims to hold Bitcoin, mirroring the performance of the CME CF Bitcoin Reference Rate, New York Variant. If approved, it intends to list shares on the Nasdaq exchange under the ticker BRRR.

Companies Amendments Point to Optimism in Bitcoin ETF Approvals

Notably, other industry giants such as Fidelity and BlackRock have recently amended their Bitcoin ETF filings, indicating a broader shift within the sector. The ongoing series of updates is viewed optimistically as a potential sign of progress toward the long-awaited approvals. The SEC remains actively involved in evaluating the increasing list of spot Bitcoin ETF proposals.

Confidence in the potential approval of Bitcoin ETFs in 2024 appears to be growing, fueled by continued momentum from institutional applicants. As the industry eagerly awaits decisions, the SEC faces mounting pressure with upcoming decision deadlines in January and February. The earliest possible approval date for spot Bitcoin ETFs is set for October 1 of the following year.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.