Valkyrie Quickly Apply To Open A Spot Bitcoin ETF

Key Points:

• Valkyrie Investments is the latest company to join an application for a Spot Bitcoin ETF with the SEC.
• So far, this investment fund’s attempt has always been rejected by the SEC.
• Currently, Valkyrie is operating two Bitcoin funds, Bitcoin Strategy ETF (Futures Fund) and Bitcoin Miners ETF (Investment Fund in Miners).

Valkyrie Investments, a crypto-focused asset management company, has applied to launch a Bitcoin spot ETF (Bitcoin spot ETF) with the US Securities and Exchange Commission (SEC).

Investment firm Valkyrie has re-registered its Spot Bitcoin ETF with the SEC. The fund is expected to list shares on Nasdaq under the ticker BRRR if approved.

Valkyrie is operating two Bitcoin funds, Bitcoin Strategy ETF (Futures Fund) and Bitcoin Miners ETF (Investment Fund in Miners). However, the SEC rejected Valkyrie’s attempt at a spot in Bitcoin ETF before, this time joining BlackRock, WisdomTree, or Invesco. The outcome is still being determined.

A Bitcoin ETF is a group of assets linked to the price of BTC that are bought, securitized, and sold by companies or traded on traditional exchanges instead of cryptocurrency exchanges.

On May 16, the company applied for a BTC futures ETF called the Valkyrie Bitcoin Futures Leveraged Strategic ETF (BTFD). The BTFD will be a fund rather than a trust, as with the company’s proposed BTC spot ETF.

Unlike the Bitcoin futures ETF, which is based on a contract executed at the future price of BTC, the Bitcoin spot ETF will be based on the current Bitcoin price and thereby reflect the current market capitalization of BTC.

BlackRock applied to list a BTC spot ETF on Nasdaq as a trust on June 15. WisdomTree and Invesco filed a similar application on June 20. There are also unconfirmed reports that Fidelity will file. BTC spot ETF application.

The Securities and Exchange Commission (SEC) has rejected any application to establish a spot Bitcoin ETF. However, in the case of Blackrock, this time, the SEC approval rate for a Bitcoin ETF application is relatively high because of its careful preparation.

The race to get a spot Bitcoin ETF license created such a strong cheer that the Bitcoin price skyrocketed from $26,000 to $30,500 in less than a week. Currently, bitcoin is recording at $30,200, up 6.77% over the past 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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