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Valkyrie has joined other companies awaiting approval for the first spot Bitcoin ETF in the United States, such as BlackRock, Fidelity, and Ark Invest, by submitting an updated proposal for a spot Bitcoin ETF. This comes at a time when the Securities and Exchange Commission (SEC) is nearing approval of a spot Bitcoin ETF.
Current Status of Valkyrie’s ETF Application
Bloomberg analyst James Seyffart made a statement regarding Valkyrie’s spot Bitcoin ETF. He mentioned that Valkyrie, a renowned asset firm, has updated its proposal to meet the expectations of the SEC, similar to other spot Bitcoin ETF applicants.
“Valkyrie Funds joins the prospectus amendment trend for spot Bitcoin ETFs. Things are still progressing behind the scenes.”
Spot Bitcoin ETF applicants such as BlackRock, Ark Invest, and VanEck recently resubmitted updated prospectuses to the SEC, addressing risks, new language, seeding, and other content. VanEck, unlike other companies, revealed plans to seed the BTC ETF with funds settled in physical BTC.
Meanwhile, Bloomberg analysts have raised their expectations for spot Bitcoin ETF approval to 90%. Bloomberg’s estimate came after Ark Invest and 21Shares held discussions with the SEC and updated their Bitcoin ETF applications.
Critical Meeting of the SEC on November 2nd
In addition, attorney Scott Johnsson made a statement. He shared that after the expiration of the appeal period in the Grayscale case, the SEC will hold its first closed meeting with commission members on November 2nd.
The meeting will focus on resolving the litigation requests and administrative proceedings. It remains to be seen whether the SEC will submit new documents to prolong the process.
Furthermore, a development occurred in the SEC v. Ripple Labs case. The court granted a joint briefing program proposal from the SEC and Ripple, extending the deadline until November 9th. This is expected to be part of the meeting’s agenda.
