Valkyrie Investments has amended its spot Bitcoin ETF application with the SEC.
The updated filing seeks to provide investors with a chance to invest in common shares backed by Bitcoin. Let’s explore more about this important announcement.
Valkyrie Joins the Bitcoin ETF Bandwagon
The shares are scheduled to be traded on the Nasdaq Stock Market under the ticker symbol “BRRR” and represent units of fractional undivided interest and ownership of the funds.
Valkyrie joins other asset managers such as Bitwise, BlackRock, Fidelity, Grayscale, VanEck, and ARK Invest to amend their Bitcoin ETF applications. The SEC has delayed approving any of the multiple applications from asset managers.
BREAKING
🔹Valkyrie has recently updated their filing for a spot #Bitcoin ETF!
🔸This suggests that the SEC collaborates with issuers to finalize the filings!
🔹It is expected that ALL Bitcoin Spot ETFs will launch at once, as the first mover advantage is too significant. pic.twitter.com/34S9sQq3uA— House of Chimera (@HouseofChimera) October 31, 2023
VanEck submitted an amended application on October 30th, revealing that an unnamed seed capital investor purchased Seed Creation Baskets for the VanEck Bitcoin Trust in October. The Seed Creation Baskets include 50,000 shares of the proposed ETF and were purchased with Bitcoin.
A Look at Other Bitcoin ETF Amendments
VanEck’s amended application, like Blakrock’s, lists a number of potential factors that can influence the value of the ETF shares. This includes changes in the supply of Bitcoin globally, public opinion of the crypto sector, exchange trading activity, Bitcoin forks, and higher competition from other kinds of digital assets.
BlackRock Amends Bitcoin ETF Prospectus, Acknowledges Fierce Competition https://t.co/1HiflswlY2
— Kore Media – ΞThChasΞr (@KoreMedia2) October 20, 2023
Similarly, Bitwise Asset Management amended its Bitcoin ETF filing at the end of September to include new points that, in the company’s opinion, countered the justifications provided by authorities for denying the product to US investors. ARK Invest and 21Shares also modified their joint application to provide more details about their planned spot Bitcoin ETF.
More About Bitcoin ETFs
A spot Bitcoin ETF tracks the real price of Bitcoin. It allows investors to trade and invest in BTC without really holding any of it. Spot Bitcoin ETFs are more appealing for traditional investors looking for exposure to cryptocurrencies.
On the other hand, the SEC has continuously delayed or denied the approval of spot Bitcoin ETFs. The regulator cites worries about investor protection, market manipulation, and regulations.
Despite the SEC’s concerns, Michael Novogratz, CEO and creator of Galaxy Digital Holdings Ltd., believes the SEC will approve a Bitcoin ETF this year. Novogratz made this statement at the AIM Summit conference in Dubai. However, Novogratz believes a Bitcoin ETF won’t begin trading until 2024.
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