The Valkyrie Bitcoin ETF Update
James Seyffart, a renowned analyst at Bloomberg, shared this development on social media platform X, shedding light on Valkyrie’s efforts to meet the SEC’s requirements for its Bitcoin ETF. Valkyrie’s updated form S-1 registration statement is designed to provide investors with an opportunity to invest in common shares backed by Bitcoin.
These shares represent fractional undivided beneficial interests and ownership in the trust and are expected to trade under the ticker symbol “BRRR” on the Nasdaq Stock Market. It’s important to note that the information presented in this prospectus is subject to change, and Valkyrie is prohibited from selling BRRR securities until the registration statement becomes effective.
This latest amendment comes after the SEC decided to delay its decision on the Valkyrie Bitcoin Fund in late September. However, Valkyrie has been granted permission to convert its Bitcoin futures ETF to a two-for-one investment vehicle by combining Bitcoin and Ether futures contracts into a single contract. The company has already begun purchasing Ether futures contracts.
The move to update the Valkyrie spot Bitcoin ETF is consistent with similar amendments made by other notable players in the crypto space, including Bitwise, BlackRock Inc (NASDAQ: BLK), Fidelity Investments, Grayscale Investments, VanEck, and ARK Invest.
According to experts in the crypto ETF sector, these amendments are seen as a positive indication of progress towards impending approvals. This recent update from Valkyrie is further evidence of activity occurring behind the scenes, according to Seyffart.
Surprisingly, while Valkyrie and several other firms have updated their filings, a number of known spot Bitcoin ETF filers are yet to do so. WisdomTree, Invesco, Galaxy Digital, Global X, Hashdex, and Franklin Templeton are among those that have not updated their applications as of now.
What Lies Ahead for Bitcoin ETF Applications
As of late October, the SEC is reportedly reviewing eight to ten potential spot Bitcoin spot ETF filings. The agency’s chairman, Gary Gensler, acknowledged this in a statement, emphasizing the importance of regulatory considerations in the process.
Additionally, the SEC is planning a closed-door meeting to discuss Grayscale’s application for a spot Bitcoin ETF following a mandate from the U.S. Court of Appeals to revisit the decision. This meeting is expected to be pivotal in the ongoing journey toward approving these innovative investment products.
The crypto community is closely watching these developments, and the outcome of these discussions and decisions will undoubtedly have a significant impact on the future of cryptocurrency investments.
The November 2nd closed-door meeting at the SEC is a key event to watch, as it may bring us one step closer to the long-awaited approval of the first-ever Bitcoin spot ETF in the United States.
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