key takeaways:
- The U.S. SEC has granted approval to the newly filed application for the Valkyrie spot Bitcoin (BTC) exchange-traded fund (ETF).
- On July 3, Nasdaq made a request for a rule change that would allow the listing of Valkyrie’s spot Bitcoin ETF.
In a groundbreaking move, the United States Securities and Exchange Commission (SEC) has granted its approval to the Valkyrie Spot Bitcoin ETF application.
The SEC is currently considering Valkyrie’s spot Bitcoin ETF proposal, which marks the second such proposal on their docket. On July 3, Nasdaq resubmitted a proposed rule change that would enable the listing of Valkyrie’s spot Bitcoin ETF, as mentioned in a notice by SEC Deputy Secretary Matthew DeLesDernier.
According to an official filing on July 17, the US Securities and Exchange Commission accepted Valkyrie spot Bitcoin ETF for a proposed rule modification to list and trade on Nasdaq. The public comments are due 21 days from the Federal Register publication date. Following the solicitation of public opinions, the United States will officially commence its review process.
This is the SEC’s second spot Bitcoin ETF application acceptance in less than two weeks, following BlackRock’s on July 13. Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21 Shares have also submitted Bitcoin ETF submissions to the SEC.
The financial services firm chose ‘BRRR’ as the symbol for their ETF, which refers to a meme that mimics the sound of printing money.
This statement comes as the SEC recently listed BlackRock’s proposal for a spot Bitcoin ETF, highlighting the increasing interest in exploring financial products based on spot cryptocurrencies.
This significant development marks a major step forward for the cryptocurrency industry, potentially bringing digital assets closer to mainstream investors and further solidifying Bitcoin’s position as a legitimate and recognized financial instrument.
The proposed ETF is designed to solely hold Bitcoin, and it will periodically issue baskets of Bitcoin in exchange for deposits, as well as distribute Bitcoin when redeeming these baskets.
During the next few weeks, the public will have the opportunity to provide comments on Valkyrie’s proposal within a specified 21-day period, which concludes on August 7
Following the publication of the notice, the SEC will review the proposal for up to 45 days. In some cases, the review period may extend up to 90 days before a final decision is reached on the proposed rule change.
