The dream of a spot Bitcoin exchange-traded fund (ETF) in the US is still yet to become a reality as various investment firms continue to seek approval from the Securities and Exchange Commission (SEC) despite multiple rejections. In a recent turn of events, Valkyrie, an alternative asset management company specializing in the emerging cryptocurrency sector, refiled its application for a Spot bitcoin exchange-traded fund.
In a new 19b-4 form submitted by the Tennessee-based firm, the latest Bitcoin ETF filing includes some key differences that may improve its chances of approval by the SEC.
For starters, Valkyrie mentions it is now bringing on Coinbase as a partner for market surveillance in support of the fund. The company also mentions that Coinbase had “executed a term sheet with Nasdaq” to “enter into a surveillance-sharing agreement.”
Given that Coinbase is the largest cryptocurrency exchange based in the United States, Valkyrie’s partnership with Coinbase is most likely going to increase the likelihood that the application will be approved.
Valkyrie is, however, not new to the BTC business, as the company is majorly focused on bridging the gap between traditional finance and the rapidly evolving digital asset industry. In 2022, the company received approval from the SEC for its Bitcoin Futures Fund.
In 2021, Valkyrie filed for a Spot Bitcoin ETF, but it was outrightly rejected by the SEC for the reason of being too risky for investors for various reasons such as market manipulation. The former application proposed that the fund be listed on NYSE Arca, but now it’s moving to Nasdaq with the ticker symbol $BRRR.
Other major players in the investment world have recently filed for their own Spot Bitcoin ETFs with the SEC. Investment companies like BlackRock and Fidelity have refiled their spot Bitcoin application in the past month. This news drove the price of Bitcoin high in late June, crossing over $30,000. Although these applications were previously said by the SEC to be ‘inadequate’, they have now been modified and refiled.
With major investment companies entering the fray and refiling their applications, the SEC will likely face mounting pressure to approve a Spot Bitcoin ETF finally. As investors’ demand for digital assets grows, a spot ETF could provide a regulated way to gain exposure to BTC and lead to even more mainstream adoption of cryptocurrencies, especially for institutional investors.
If any of these filings are approved, it would be the first Bitcoin spot ETF to win approval in the US and the fund(s) will be able to offer unlimited Bitcoin ETF shares to investors.
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