March 27, 2024
Bitcoin News

Valkyrie’s Spot Bitcoin ETF Gets Docketed on SEC’s Nasdaq Rulemaking List

The proposal for Valkyrie’s Bitcoin exchange-traded fund (ETF) has been accepted by the United States Securities and Exchange Commission (SEC) for official review. The SEC’s Nasdaq rulemaking list indicates that Valkyrie’s spot Bitcoin ETF proposal was officially docketed on July 17.

This marks the second spot Bitcoin ETF proposal being considered by the SEC, coming shortly after BlackRock’s spot Bitcoin ETF proposal was published on July 13. Valkyrie has previously attempted to launch a spot Bitcoin ETF in the US, with its initial proposal for the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. However, due to regulatory challenges from the SEC, they managed to launch a futures-based Bitcoin ETF in October 2021.

According to an attached notice from SEC Deputy Secretary Matthew DeLesDernier, Nasdaq refiled for a proposed rule change to allow the listing of Valkyrie’s spot Bitcoin ETF on July 3. The proposed ETF would solely hold Bitcoin, issuing baskets periodically in exchange for Bitcoin deposits and distributing Bitcoins for basket redemptions.

During the 21-day comment period, or until August 7, the public has the opportunity to provide feedback on Valkyrie’s spot Bitcoin ETF proposal based on SEC data. After that, the SEC has up to 45 days (or potentially up to 90 days) from the time of the notice’s publication in the Federal Register to approve or disapprove the rule change.

Valkyrie’s latest Bitcoin ETF proposal was filed in June 2023, coinciding with a sense of optimism surrounding BlackRock’s spot BTC ETF filing. The proposed ETF is suggested to be listed under the ticker symbol “BRRR,” a reference to a popular Bitcoin community meme signifying the sound of printing money. The growing optimism about spot Bitcoin ETFs has been further boosted by BlackRock’s recent refiling for its spot BTC ETF on June 29. Additionally, ARK Investment Management made an application for a spot in Bitcoin ETF in April, marking its third attempt to get such a product approved by the SEC.

Image by Sergei Tokmakov, Esq. https://Terms.Law from Pixabay

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