Valkyrie Investments Amends Spot Bitcoin ETF Application with SEC
Valkyrie Investments has recently updated its filing for a spot Bitcoin ETF with the SEC. This new filing aims to provide investors with an opportunity to invest in common shares backed by Bitcoin. It is an important development in the world of cryptocurrency investment.
Valkyrie Joins the Bitcoin ETF Bandwagon
Under the ticker symbol BRRR, Valkyrie’s shares are scheduled to be traded on the Nasdaq Stock Market. These shares represent units of fractional undivided interest and ownership of the funds. Valkyrie is joining other asset managers, including Bitwise, BlackRock, Fidelity, Grayscale, VanEck, and ARK Invest, in amending their Bitcoin ETF applications. However, the SEC has yet to approve any of these applications.
A Look at Other Bitcoin ETF Amendments
VanEck also submitted an amended application that revealed an unnamed seed capital investor purchased Seed Creation Baskets for the VanEck Bitcoin Trust using Bitcoin. The amended applications from VanEck, BlackRock, Bitwise Asset Management, ARK Invest, and 21Shares all address various factors that can influence the value of ETF shares, such as changes in Bitcoin supply globally and public opinion of the crypto sector.
More About Bitcoin ETFs
A spot Bitcoin ETF allows investors to trade and invest in BTC without physically holding it. It tracks the real price of Bitcoin and is more appealing to traditional investors seeking exposure to cryptocurrencies. However, the SEC has concerns about investor protection, market manipulation, and regulations, leading to delays or denials of spot Bitcoin ETF approvals. Despite this, Michael Novogratz of Galaxy Digital Holdings Ltd. believes that a Bitcoin ETF will be approved this year, but trading may not begin until 2024.
Hot Take: Valkyrie’s Updated Filing Signals Progress in the Bitcoin ETF Space
Valkyrie Investments’ decision to amend its spot Bitcoin ETF application is a positive sign for the cryptocurrency industry. By providing investors with an opportunity to invest in Bitcoin-backed shares, this development opens up new avenues for mainstream adoption of cryptocurrencies. With other asset managers also revising their applications, it seems that the SEC and issuers are working collaboratively to finalize the filings. The launch of multiple Bitcoin spot ETFs at once could have significant implications for the market. As the industry eagerly awaits regulatory approval, it remains crucial for investors to conduct thorough research and exercise caution when investing in high-risk assets like Bitcoin.
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