The Valkyrie spot Bitcoin ETF file with the code name “BRRR,” which alludes to a well-known meme in the Bitcoin community, has been accepted for evaluation by the SEC.
A significant breakthrough in the cryptocurrency investment space has occurred with the official acceptance of Valkyrie’s Bitcoin exchange-traded fund (ETF) proposal for review by the United States Securities and Exchange Commission (SEC). The SEC’s choice follows Valkyrie’s proposal, which it submitted on July 17 along with other businesses requesting approval for a spot Bitcoin ETF.
Valkyrie’s Second Attempt: Building on Past Success
The latest application by Valkyrie is the company’s second attempt to introduce a spot Bitcoin ETF in the US. The family investment fund recommended the Valkyrie Bitcoin Trust be listed on the New York Stock Exchange in January 2021, but the SEC raised legal objections.
Despite the setback, Valkyrie was able to successfully introduce a Bitcoin ETF based on futures in October 2021. Now that there is a resurgence of interest in spot Bitcoin ETFs, Valkyrie is vying for approval once more.
Comment Period and Potential Approval
According to the SEC’s notification, the public has a 21-day comment period and has until August 7 to voice their opinions on Valkyrie’s proposed spot Bitcoin ETF. The SEC has up to 45 days—or maybe up to 90 days—after this point to adopt or reject the proposed rule change. Before a judgment is reached, this regulatory process offers the chance for careful examination and evaluation.
Market players and investors are eagerly anticipating the SEC’s decision as Valkyrie’s spot Bitcoin ETF proposal is currently being officially reviewed. Recent filings from BlackRock and ARK financial Management, which show a growing interest in Bitcoin ETFs, are evidence of the industry’s growing trust in the potential of these financial products.
The potential approval of a spot Bitcoin ETF might create new opportunities for investors seeking exposure to Bitcoin and further establish cryptocurrencies in conventional financial markets as legitimate assets.