The U.S. Securities and Exchange Commission (SEC) has given its nod to Valkyrie’s Bitcoin Exchange-Traded Fund (ETF) proposal, signaling positive sentiment for Bitcoin in the market.
A Step Forward for Valkyrie
Valkyrie’s application to create the Valkyrie Bitcoin Fund, a spot Bitcoin ETF, has officially been added to the SEC’s docket on Monday. This comes shortly after the SEC’s acceptance of BlackRock’s Bitcoin ETF proposal on July 13.
Interestingly, Valkyrie promptly resubmitted its longstanding ETF proposal on June 21, in response to BlackRock’s notable submission. The firm caught attention by selecting the ticker symbol ‘BRRR’ for its ETF, cleverly referencing a popular meme associated with money printing.
A Strategic Partnership
In a strategic move mirroring BlackRock’s actions, Valkyrie updated its filing on July 5 to include Coinbase as a “surveillance-sharing” partner. This connection could potentially link the fate of the two ETF applications.
The Comment Period Commences
Now that the ETF proposal is officially on the SEC’s calendar, the comment period begins, representing a crucial phase in the regulatory process.
The public and institutional stakeholders have the opportunity to voice their opinions on the ETF’s potential impact on the market, investor protection measures, and other relevant factors.
The Timeline for Decision
The SEC has set a 21-day deadline from the filing date in the Federal Register for the comment period.
Once this period concludes, the SEC will evaluate the ETF proposal, and there is a possibility that they may request additional information from the applicants before making a final decision.
The acceptance of another Bitcoin ETF proposal is being closely watched by the cryptocurrency community and investors. As the regulatory process unfolds, it can significantly impact the perception and adoption of Bitcoin as a mainstream investment asset.
The outcome of both Valkyrie’s and BlackRock’s ETF proposals may pave the way for more ETF offerings in the future, further integrating cryptocurrencies into traditional financial markets.
As the market eagerly awaits the SEC’s decision, stakeholders are hopeful that the approval of these ETFs could drive more institutional interest and investment in Bitcoin, potentially leading to increased adoption and stability for the cryptocurrency.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Always conduct thorough research and seek professional advice before investing in cryptocurrencies or any financial instruments.
