SEC Takes Valkyrie Spot Bitcoin ETF Proposal Under Consideration
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The Securities and Exchange Commission (SEC) has included the Valkyrie Spot Bitcoin Exchange Traded Fund (ETF) proposal in its formal review process. This is the latest position on a Bitcoin ETF proposal from Valkyrie in early July with a proposed ticker symbol of “BRRR”. The SEC statement said:
“The purpose of the practice is to provide investors with a cost-effective and convenient way to invest in a more efficient and convenient way than buying standalone bitcoins, while also reducing some of the risk and volatility associated with purchasing standalone bitcoins.”
This statement comes shortly after the SEC formally listed BlackRock's spot Bitcoin ETF for review, showing a growing interest in exploring financial products based on spot cryptocurrency.
Just in: Valkyrie's Bitcoin ETF was recently troubled by the SEC, which filed its current crop for the last and only token selected: $BRRR
— Eric Balchunas (@EricBalchunas) July 17, 2023
Valkyrie is a notable player in the ETF space, having previously bid to list a Bitcoin Futures ETF in October 2021, although it was banned. However, the firm has launched a futures-based Bitcoin ETF on October 22, 2021.
The revised proposal confirms that the SEC may be on to something moving forward with the spot BTC ETF;
“In its filing with the Commission, the Exchange included a statement regarding the purpose and basis of the rule change and discussed any comments it received on the proposed rule change.”
On July 3, Nasdaq requested a change in rules allowing the Valkyrie Spot Bitcoin ETF to be listed, saying, “The trust holds only bitcoins, and from time to time offers bitcoin depository and bitcoin distribution baskets.” In relation to basket redemption.
In the coming weeks, public comments on the Valkyrie proposal will be invited during a limited 21-day window, which ends on August 7. The SEC maintains a review period of up to 45 days after the notice is issued, or may be longer, up to 90 days, to reach a decision on the proposed rule change.
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