Hideo Nakamura The spot bitcoin ETF application submitted by Valkyrie, an asset manager, has been officially accepted by the U.S. Securities and Exchange Commission (SEC). This acceptance paves the way for an official review process, following the acknowledgment of Blackrock’s bitcoin ETF application last week.
The U.S. SEC has granted approval for an official review of Valkyrie’s application for a spot bitcoin exchange-traded fund (ETF). The application was added to the SEC’s docket on July 17.
This decision by the SEC follows its acknowledgment of a similar application by Blackrock, the world’s largest asset management firm, last Thursday. Public comments on the proposal will be accepted for 21 days after its publication in the Federal Register.
Various industry players, including Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, Vaneck, Invesco, and Fidelity, are competing to launch a spot bitcoin ETF in the U.S. However, the SEC has previously rejected several applications, including Valkyrie’s “Bitcoin Strategy ETF.”
Valkyrie, based in Tennessee and already offering a bitcoin futures ETF, submitted a new application on June 21 for an ETF called the “Valkyrie Bitcoin Fund” with the ticker symbol “BRRR.” This move came shortly after Blackrock filed its application for the “Ishares Bitcoin Trust,” raising hopes that the SEC may finally approve a spot bitcoin ETF.
In early July, Valkyrie amended its filing to include a surveillance-sharing agreement with Coinbase, a leading U.S. cryptocurrency exchange. This follows a similar step taken by Blackrock. Despite Coinbase being one of the companies targeted by the SEC’s crypto crackdown, both applicants chose Coinbase as their partner.
During the 21-day comment period, the SEC will collect public feedback and suggestions regarding Valkyrie’s proposal before making a decision. The Securities and Exchange Commission has yet to approve a spot bitcoin exchange-traded fund in the U.S., while neighboring Canada has already taken this step and Europe is preparing for the launch of its first bitcoin ETF later this month.
Feel free to share your expectations about the SEC accepting other spot bitcoin ETF applications in the comments section below.
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Frequently Asked Questions (FAQs) about spot bitcoin ETF applications
Q: What is the significance of the U.S. Securities and Exchange Commission accepting Valkyrie’s spot bitcoin ETF application?
A: The acceptance of Valkyrie’s spot bitcoin ETF application by the U.S. Securities and Exchange Commission (SEC) is significant because it opens the door for an official review process. This indicates that the SEC is willing to consider the proposal for a spot bitcoin exchange-traded fund (ETF) and evaluate its merits.
Q: How does Valkyrie’s application relate to Blackrock’s bitcoin ETF application?
A: Valkyrie’s application follows the acknowledgment of Blackrock’s bitcoin ETF application by the SEC. Both asset managers have submitted proposals for spot bitcoin ETFs, and their applications are undergoing the review process. The acceptance of these applications indicates a growing interest in offering regulated investment products for bitcoin in the United States.
Q: Which other companies are competing to launch spot bitcoin ETFs in the U.S.?
A: Several industry players are competing to launch spot bitcoin ETFs in the United States. Some notable companies in this space include Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, Vaneck, Invesco, and Fidelity. These firms are vying for regulatory approval to offer bitcoin ETFs that would allow investors to gain exposure to bitcoin through traditional investment vehicles.
Q: Has the SEC approved a spot bitcoin ETF in the U.S. before?
A: No, the SEC has not yet approved a spot bitcoin ETF in the United States. Despite the growing interest and numerous applications, the SEC has previously rejected several proposals for spot bitcoin ETFs. The approval of Valkyrie’s and Blackrock’s applications would mark a significant milestone as the first authorized spot bitcoin ETFs in the country.
Q: How long will the public have to provide feedback on Valkyrie’s proposal?
A: The public will have 21 days to provide feedback and suggestions on Valkyrie’s spot bitcoin ETF proposal after its publication in the Federal Register. During this comment period, individuals and organizations can express their opinions, concerns, and recommendations regarding the application. The SEC will consider this feedback before making a final decision on whether to approve the ETF.
Q: Have other countries already approved spot bitcoin ETFs?
A: Yes, some other countries have already approved spot bitcoin ETFs. Canada, for example, has taken the step of approving regulated bitcoin ETFs, allowing investors to access bitcoin through exchange-traded funds. Additionally, Europe is also preparing to launch its first bitcoin ETF later this month, further expanding the availability of regulated bitcoin investment options globally.
More about spot bitcoin ETF applications
- U.S. Securities and Exchange Commission
- Valkyrie
- Blackrock
- Federal Register
- Bitwise
- Wisdom Tree
- Wise Origin Bitcoin Trust
- Vaneck
- Invesco
- Fidelity
- Coinbase
- SEC crackdown on cryptocurrency
- Bitcoin ETF approval in Canada
- Europe’s first bitcoin ETF
