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One of the recent highlights in the cryptocurrency market is the surge in applications for spot <a href="https://en.coin-turk.com/analyst-predicts-a-major-rise-in-bitcoin/”>Bitcoin exchange-traded funds (ETFs). The latest firm to modify its ETF application with the US Securities and Exchange Commission (SEC) is crypto asset manager Valkyrie Investments. According to the SEC database, Valkyrie submitted an updated spot Bitcoin ETF application on October 30.
Important Step by Valkyrie
The updated Form S-1 registration statement for the Valkyrie Bitcoin Fund aims to provide investors with the opportunity to invest in shares backed by Bitcoin. These shares represent partial undivided beneficial interests and ownership units of the trust, expected to trade on the Nasdaq Stock Market under the symbol “BRRR”.
Valkyrie officials added that the information in this prospectus is incomplete and subject to change, and that the firm is not authorized to sell BRRR securities until its registration statement becomes effective. The amended filing comes almost a month after the SEC officials postponed their decision on the Valkyrie Bitcoin Fund in late September.
Valkyrie’s updated spot Bitcoin ETF application joins at least six other modified spot Bitcoin ETF filings recently made by Bitwise, BlackRock, Grayscale, VanEck, ARK Invest, and Fidelity.
What is the Current Situation at the SEC?
According to crypto ETF analysts, ongoing changes in Bitcoin ETF applications can be seen as a sign of progress and impending approvals. Bloomberg ETF analyst James Seyffart believes that Valkyrie’s recent Bitcoin ETF update is further evidence of behind-the-scenes movement.
Following the recent changes in the application, at least five known spot Bitcoin ETF filers, including WisdomTree, Invesco, Galaxy, Global X, Hashdex, and Franklin Templeton, have not updated their filings.
According to SEC Chairman Gary Gensler’s statement in late October, the regulatory agency currently has eight to ten potential spot Bitcoin ETF applications awaiting evaluation. The evaluation and potential approval of these applications would lead to a significant surge in the cryptocurrency market, particularly for Bitcoin.
