Valkyrie Digital Assets Joins BlackRock and Fidelity in Refiling for Bitcoin ETF with Coinbase Partnership

Valkyrie Digital Assets Refiles Application for Bitcoin ETF

Valkyrie Digital Assets has refiled its application for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This comes as other asset managers, such as BlackRock and Fidelity, also make another attempt at the ETF approval process. The new application includes a surveillance-sharing agreement with crypto exchange Coinbase to prevent market manipulation, a requirement for all ETF applications. Valkyrie plans to list the ETF on Nasdaq, with Coinbase as its chosen partner. This move follows Valkyrie’s initial filing in January 2021 and a refiling in June 2021, which resulted in the approval of its bitcoin futures ETF.

Key Points:

– Valkyrie Digital Assets has resubmitted its application for a spot bitcoin ETF.
– The application includes a surveillance-sharing agreement with Coinbase.
– Nasdaq is the chosen exchange for listing the ETF.
– BlackRock and Fidelity have also refiled their ETF applications.
– Valkyrie already has a bitcoin futures ETF listed on the exchange.

Hot Take:

The refiled application for a bitcoin ETF by Valkyrie Digital Assets, along with renewed filings from BlackRock and Fidelity, indicates ongoing interest and efforts to obtain SEC approval for a bitcoin ETF. The inclusion of a surveillance-sharing agreement with Coinbase shows a commitment to preventing market manipulation, a key concern for regulators. If approved, the bitcoin ETF could provide more accessible and regulated exposure to bitcoin for investors. However, given the SEC’s previous concerns and rejections of bitcoin ETF applications, it remains to be seen whether these new filings will lead to a breakthrough in the approval process.