Valkyrie Applies for Bitcoin ETF, Enlists Coinbase as Partner
Crypto asset management firm Valkyrie has applied for a spot bitcoin ETF and has chosen Coinbase as its Surveillance Sharing Agreement (SSA) partner. This follows similar filings from BlackRock and Fidelity earlier this month. Valkyrie’s move aims to address potential concerns about market manipulation and add credibility to their offering.
Key Points:
– Heavyweights like BlackRock and Fidelity entering the spot bitcoin ETF market have triggered a wave of applications from other firms.
– Valkyrie’s re-submission of a 19b-4 form, similar to BlackRock, suggests a more aggressive approach.
– The inclusion of Coinbase, the largest spot bitcoin exchange according to Valkyrie, is expected to enhance credibility and security.
– Success for Valkyrie, like other applicants, hinges on approval from the SEC, who has yet to approve any spot bitcoin ETF.
– The recent influx of applications may influence the SEC’s stance, but the outcome remains uncertain.
Hot Take:
The growing interest in spot bitcoin ETFs from industry giants like Valkyrie, BlackRock, and Fidelity indicates a shift in the market. While the success of these offerings relies on SEC approval, the competition among firms suggests that the demand for a bitcoin ETF is mounting. If granted, it could open doors for increased mainstream adoption of cryptocurrency.
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