Digital asset manager Valkyrie Investments has submitted an updated spot Bitcoin (BTC) exchange-traded fund (ETF) filing to the U.S. Securities and Exchange Commission (SEC), joining several other firms that have made similar amendments in recent weeks. The filing, found in the SEC database, is for the Valkyrie Bitcoin Fund, which aims to offer investors the chance to invest in common shares backed by Bitcoin.
The amended registration statement, known as Form S-1, states that the shares will represent units of fractional undivided beneficial interest and ownership of the trust. The ticker symbol for these shares is expected to be “BRRR,” and they will be traded on the Nasdaq Stock Market. However, it is important to note that Valkyrie is not allowed to sell BRRR securities until the registration statement becomes effective.
This updated filing comes after the SEC postponed its decision on the Valkyrie Bitcoin Fund in late September. In fact, Valkyrie now joins Bitwise, BlackRock, Fidelity, Grayscale, VanEck, and ARK Invest in amending their spot Bitcoin ETF filings. These amendments have been seen by industry analysts as a positive sign of progress and a potential precursor to approvals.
According to Bloomberg ETF analyst James Seyffart, the ongoing amendments by various firms suggest movement happening behind the scenes, indicating potential progress towards regulatory approval. However, it is worth mentioning that some known spot Bitcoin ETF filers, such as WisdomTree, Invesco, Galaxy, Global X, Hashdex, and Franklin Templeton, have not yet updated their filings.
SEC Chair Gary Gensler revealed in late October that the regulator has received eight to ten filings for possible spot Bitcoin ETFs. Gensler’s comment suggests that the SEC is actively considering these filings for approval, adding to the anticipation surrounding the launch of the first Bitcoin ETF in the United States.
The introduction of Bitcoin ETFs in the U.S. has been highly anticipated by investors and enthusiasts alike. These ETFs would provide a regulated and more accessible way for investors to gain exposure to Bitcoin and the cryptocurrency market as a whole. The potential approval of these ETFs could contribute to the further mainstream adoption of Bitcoin and increase market liquidity.
However, it is important to note that regulatory approval is not guaranteed. The SEC has previously expressed concerns about investor protection, market manipulation, and custody of the underlying Bitcoin assets. As a result, there have been multiple delays and rejections of Bitcoin ETF applications in the past.
Despite these challenges, industry experts remain optimistic that the growing number of amended filings is a promising sign of progress. As the SEC continues to review and evaluate these applications, the future of Bitcoin ETFs in the U.S. remains uncertain, but the potential benefits for investors and the broader cryptocurrency market are substantial.
In conclusion, Valkyrie Investments has joined the list of firms amending their spot Bitcoin ETF filings, indicating continued efforts to obtain regulatory approval. With several other firms making similar amendments and the SEC actively considering multiple applications, the launch of a Bitcoin ETF in the United States may be on the horizon. However, it is important to remember that regulatory approval is not guaranteed, and the SEC’s concerns will need to be addressed for these ETFs to become a reality.