Valkyrie ‘BRRR’ spot Bitcoin ETF enters SEC’s Nasdaq rulemaking list


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America’ Securities and Change Fee (SEC) has accepted Valkyrie’s Bitcoin (BTC) exchange-traded fund (ETF) proposal for official evaluation.

In keeping with knowledge from the SEC’s Nasdaq rulemaking checklist, Valkyrie’s proposal for its spot Bitcoin ETF entered the official docket on July 17.

Valkyrie’s itemizing on the docket is the second spot Bitcoin ETF proposal being thought of by the SEC. It got here only a few days after the SEC published BlackRock’s spot Bitcoin ETF proposal on July 13.

Spot Bitcoin ETF proposals for itemizing on Nasdaq. Supply: SEC

The submitting is Valkyrie’s second try to launch a spot Bitcoin ETF in the USA. The household funding fund beforehand proposed listing the Valkyrie Bitcoin Trust on the New York Inventory Change in January 2021. In response to regulatory pushback from the SEC, Valkyrie was still able to launch a futures-based Bitcoin ETF in October 2021.

In an connected discover, SEC deputy secretary Matthew DeLesDernier mentioned that Nasdaq refiled for a proposed rule change permitting the itemizing of a spot Bitcoin ETF by Valkyrie on July 3.

“The belief will solely maintain Bitcoin, and can, on occasion, subject baskets in change for deposits of Bitcoins and to distribute Bitcoins in reference to redemptions of baskets,” DeLesDernier famous within the assertion.

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In keeping with the SEC knowledge, the general public can submit their suggestions on the Valkyrie’s spot Bitcoin ETF proposal in the course of the 21-day remark interval, or till Aug. 7. Nevertheless, the SEC nonetheless has as much as 45 days from the time of publication of the discover within the Federal Register, or inside an extended interval as much as 90 days to approve or disapprove the rule change, DeLesDernier wrote.

Valkyrie’s newest Bitcoin ETF proposal was filed in late June 2023, amid optimism round BlackRock’s spot BTC ETF submitting. Valkyrie proposed to checklist the ETF underneath the ticker image “BRRR,” referencing a well-liked Bitcoin neighborhood meme that represents the sound of printing cash.

The renewed optimism over spot Bitcoin ETFs has been fueled by BlackRock refiling for its spot BTC ETF on June 29. Beforehand, ARK Funding Administration additionally filed an application for a spot Bitcoin ETF in April, which turned its third attempt get such a product permitted by the SEC.

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