SEC Accepts Valkyrie’s Bitcoin ETF Proposal for Official Review
The U.S. Securities and Exchange Commission (SEC) has accepted Valkyrie’s proposal for an official review of its Bitcoin exchange-traded fund (ETF). The proposal, symbolized as “BRRR,” is the last in the batch of ETF proposals being considered by the SEC. The fund takes inspiration from a meme called “Haha Money Printer Go Brrr,” which emerged in 2020 as a satirical commentary on the Federal Reserve’s response to the COVID-19 pandemic. If approved, the ETF will hold Bitcoin exclusively and offer baskets for Bitcoin deposits.
Public Feedback Period
The next step in the approval process is the public feedback period, which will last until August 7. During this time, the public can comment on the proposal within 21 days. The SEC has the authority to approve or disapprove the rule change within 45 days from the publication in the Federal Register, or up to 90 days in some circumstances.
Countdown for SEC Approval
With all eight applicants listed on the Federal Register, the countdown for SEC approval of spot Bitcoin ETF applications has begun. The applicants include BlackRock’s iShares ETF, Bitwise’s Bitcoin ETP Trust, and six others submitted to the Chicago Board Options Exchange (Cboe). While there is no certainty regarding approval, the submission by industry leader BlackRock has sparked speculation that the chances of obtaining permission may be higher.
Hot Take:
The acceptance of Valkyrie’s Bitcoin ETF proposal for official review by the SEC is a significant development in the quest for a regulated Bitcoin ETF. If approved, this ETF has the potential to bring Bitcoin to a wider range of investors and further legitimize the cryptocurrency in the eyes of regulators. The public feedback period will provide an opportunity for further discussion and exploration of the proposal, and the countdown for SEC approval has begun. The crypto community eagerly awaits the SEC’s decision on these ETF applications.
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