The US SEC Accepts Valkyrie’s Spot Bitcoin ETF Proposal, Following BlackRock

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Sujha Sundararajan

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Sujha Sundararajan

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July 18, 2023 11:43 EDT

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The US Securities and Exchange Commission (SEC) has accepted the second spot Bitcoin (BTC) exchange-traded fund (ETF) application for review, in a span of one week.

Early this month, the stock exchange giant Nasdaq refiled Valkyrie’s application for a spot BTC ETF with Coinbase as the “surveillance partner” with a proposed rule change. Following this, the regulator on July 17, accepted the amendments to list and trade it under Nasdaq.

Per the official filing, the SEC has initiated the public comment period for 21 days from the date of its filing in the Federal Register.

“Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act,” the filing noted.

This marks the SEC’s second spot Bitcoin ETF application acceptance in a span of two weeks, following the acknowledgment of BlackRock’s on July 13. The regulator has also accepted Bitcoin ETF filings by Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21 Shares.

The financial services company has opted for ‘BRRR’ as the ticket for its ETF, which refers to a meme that echoes the sound of printing money.

SEC Taking Bitcoin ETF Applications Seriously

The acceptance of Valkyrie’s spot BTC ETF and other similar applications from prominent players in the crypto space marks a significant development for the crypto industry.

This is because, at a time of high volatility, a spot BTC ETF would offer investors a regulated way to gain exposure to the world’s biggest cryptocurrency price movements. This in turn would attract more institutional and retail investors to the market.

The SEC noted that once the comment period ends, the regulator would review the ETF proposal and might request additional information from the applicant, before approving the spot Bitcoin ETF.

The move has triggered positive vibes in the Bitcoin price. BTC price began to surge post the acceptance of BlackRock’s spot Bitcoin ETF filing, crossing $30,000 and maintaining a steady hold above the mark. The price however dropped 1% in the last 24 hours, nevertheless, BTC is currently trading at $30,048 at press time.