Financial Powerhouse Valkyrie Applies for Spot Bitcoin ETF

• Spot Bitcoin ETF registration with the SEC was submitted by Valkyrie on June 21. 
• Bitcoin’s increased by almost 20%, surpassing $30,000 amid the ETF filing trend.

Financial powerhouse Valkyrie is the latest to apply to the U.S. Securities and Exchange Commission (SEC) for approval to launch a spot Bitcoin Exchange-traded fund (ETF).

Spot Bitcoin ETF registration with the SEC was submitted by Valkyrie on June 21. They want to have the fund listed on the Nasdaq under the symbol BRRR. When it comes to the introduction of Bitcoin-related derivative products, Valkyrie has been an early player.

The Valkyrie Bitcoin Strategy Exchange Traded Fund (ETF) debuted in the United States in October 2021. The business also introduced the Valkyrie Balance Sheet Opportunities (VBB) in December of the same year. However, in October of 2022, VBB was dissolved.

All Eyes on SEC

With the purpose of providing investors with more easily accessible and regulated choices to participate in the bitcoin market, companies including Valkyrie, BlackRock, Bitwise, Invesco, and WisdomTree are aggressively pursuing permission for ETFs.

These changes demonstrate the industry’s continued growth and maturity, with ETFs emerging as a key instrument for investors seeking regulated exposure to Bitcoin.

It should be noted, however, that the US SEC has historically shot down a number of plans for failing to provide enough safeguards for investors. However, many market participants think things will be different this time around because of BlackRock’s entry.

Bitcoin’s price reversed its downward trend and increased by almost 20%, surpassing $30,000, when BlackRock applied for a spot Bitcoin ETF. There has been significant whale activity as a result of this as well. At the time of writing, Bitcoin is trading at $30,090 as per data from CMC.