Valkyrie Resubmits Bitcoin ETF Application: Will SEC Finally Approve?

The Bitcoin ETF Heat Reignited as Valkyrie Resubmits Application

Valkyrie, a prominent crypto-asset management firm, has re-submitted its application for a Bitcoin ETF, joining other financial giants in the race. This comes after the U.S. Securities and Exchanges Commission (SEC) rejected Valkyrie’s previous application in December 2021. While the SEC has been more open to approving Bitcoin futures ETFs, it has rejected all applications for spot Bitcoin ETFs. However, there is hope that the SEC could accept BlackRock’s filing, as the CEO expressed a desire to collaborate with regulators. In addition, Coinbase has partnered with Nasdaq to enhance its market surveillance program, which could increase the chances of Bitcoin ETF filings getting approved.

Main Points:

Valkyrie has re-submitted its application for a Bitcoin ETF, following the rejection of its previous filing.
The SEC has been more open to approving Bitcoin futures ETFs but has rejected all applications for spot Bitcoin ETFs.
There is optimism that the SEC could accept BlackRock’s filing, as the CEO expressed a willingness to work with regulators.
Coinbase has partnered with Nasdaq to strengthen its market surveillance program, potentially improving the chances of Bitcoin ETF filings getting approved.
The outcome of Coinbase’s legal battle with the SEC will likely impact the regulatory environment for cryptocurrencies and Coinbase’s operations.

Hot Take:

The resubmission of Valkyrie’s Bitcoin ETF application and the partnership between Coinbase and Nasdaq reflect the continued push for a Bitcoin ETF. While the SEC has been hesitant to approve spot Bitcoin ETFs, there is hope that the agency will accept BlackRock’s filing and collaborate with industry players. The outcome of Coinbase’s legal battle with the SEC will also be significant for both the company and the broader regulatory landscape for cryptocurrencies. Overall, the race for a Bitcoin ETF is heating up, and market participants remain determined to bring this investment vehicle to the mainstream.