The US Securities and Exchange Commission (SEC) has officially accepted Valkyrie's proposals for a Bitcoin Exchange-Traded Fund (ETF) for formal review. The proposal entered the SEC's formal agenda on July 17, shortly after the SEC also considered BlackRock's ETF proposals al on July 13.
This is Valkyrie's second attempt to launch a spot Bitcoin ETF in the United States. The company had previously proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021, but it faced regulatory challenges from the SEC. Despite this, Valkyrie was able to launch a futures-based Bitcoin ETF in October 2021.
The proposed rule change would allow Valkyrie's spot Bitcoin ETF to hold only Bitcoins and issue and redeem baskets of Bitcoins accordingly. The public has a 21-day comment period, ending on August 7, to provide feedback on the proposal. However, the SEC has up to 45 days from the date of publication in the Federal Register, or up to 90 days in the longer term, to approve or disapprove the rule change.
Valkyrie's latest Bitcoin ETF proposal was filed in late June 2023, following optimism surrounding BlackRock's spot BTC ETF application. Valkyrie proposed the ETF under the ticker symbol "BRRR," referring a popular Bitcoin community meme re lated to the voice of money printing. ARK Investment Management also previously applied for a spot Bitcoin ETF in April, making it their third attempt to gain SEC approval for such a product.
