Valkyrie Files for Spot Bitcoin ETF with Coinbase Partnership
Investment management firm Valkyrie has filed for a Spot Bitcoin Exchange-Traded Fund (ETF), partnering with Coinbase. Here are the key points:
– Valkyrie intends to list its shares on Nasdaq and has included Coinbase as a surveillance-sharing collaborator.
– Spot Bitcoin ETF applications have increased since BlackRock and Fidelity submitted their proposals.
– Valkyrie’s filing addresses initial concerns raised by the SEC regarding surveillance-sharing agreements.
– The filing states that trading of Bitcoin on Coinbase represents a significant portion of US-based Bitcoin trading.
– The recent surge in Bitcoin ETF filings has intensified the competition for dominance.
Bitcoin Price Reacts to the News
The entry of BlackRock and Fidelity into the Bitcoin ETF competition has caused a stir in the digital asset sector. Key points include:
– Valkyrie has re-submitted a 19b-4 form and its SSA language seems more assertive.
– Valkyrie has identified Coinbase as the largest spot Bitcoin exchange.
– Bitcoin price reacted slightly to the news, currently trading at $30,404.
– The launch of the Spot Bitcoin ETF depends on the SEC’s verdict.
– Time will tell if the recent surge in filings will lead to a shift in the SEC’s stance.
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