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

The restored optimism over spot Bitcoin ETFs has been sustained by BlackRock refiling for its spot BTC ETF on June 29. Formerly, ARK Investment Management likewise submitted an application for a spot Bitcoin ETF in April, which became its 3rd shot get such an item authorized by the SEC.Magazine: Should you orange pill kids? The case for Bitcoin kids books

The United States Securities and Exchange Commission (SEC) has actually accepted Valkyries Bitcoin (BTC) exchange-traded fund (ETF) proposition for main review.According to information from the SECs Nasdaq rulemaking list, Valkyries proposition for its area Bitcoin ETF got in the main docket on July 17. Valkyries listing on the docket is the 2nd spot Bitcoin ETF proposal being thought about by the SEC. It came just a few days after the SEC published BlackRocks area Bitcoin ETF proposal on July 13. Area Bitcoin ETF proposals for listing on Nasdaq. Source: SECThe filing is Valkyries second attempt to launch an area Bitcoin ETF in the United States. The household financial investment fund formerly proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. In reaction to regulatory pushback from the SEC, Valkyrie was still able to introduce a futures-based Bitcoin ETF in October 2021. In an attached notification, SEC deputy secretary Matthew DeLesDernier pointed out that Nasdaq refiled for a proposed guideline change allowing the listing of an area Bitcoin ETF by Valkyrie on July 3.” The trust will only hold Bitcoin, and will, from time to time, concern baskets in exchange for deposits of Bitcoins and to disperse Bitcoins in connection with redemptions of baskets,” DeLesDernier noted in the statement.Related: BlackRock Bitcoin ETF could open $30 trillion worth of wealth, Bloomberg expert saysAccording to the SEC data, the public can submit their feedback on the Valkyries area Bitcoin ETF proposition throughout the 21-day comment period, or till Aug. 7. The SEC still has up to 45 days from the time of publication of the notice in the Federal Register, or within a longer period up to 90 days to disapprove the rule or authorize modification, DeLesDernier wrote.Valkyries most current Bitcoin ETF proposition was submitted in late June 2023, in the middle of optimism around BlackRocks area BTC ETF filing. Valkyrie proposed to note the ETF under the ticker symbol “BRRR,” referencing a popular Bitcoin neighborhood meme that represents the sound of printing cash. #Bitcoin ETF go $BRRR https://t.co/amAyDryTxf— Bhut Head (@bhut_head) July 18, 2023

Other Questions People Ask

What is the significance of Valkyrie ‘BRRR’ spot Bitcoin ETF entering SEC’s Nasdaq rulemaking list?

The entry of Valkyrie’s ‘BRRR’ spot Bitcoin ETF into the SEC’s Nasdaq rulemaking list marks a crucial step in the approval process for Bitcoin ETFs in the United States. This proposal, submitted on July 17, follows a wave of renewed optimism in the market, particularly after BlackRock's recent filing. It indicates that regulatory bodies are beginning to consider spot Bitcoin ETFs more seriously, which could lead to increased institutional investment in Bitcoin.

How does Valkyrie’s ‘BRRR’ spot Bitcoin ETF differ from its previous attempts?

Valkyrie’s current proposal for the ‘BRRR’ spot Bitcoin ETF is its second attempt to launch such a product in the U.S., following an earlier effort in January 2021. Unlike the previous proposal, which faced regulatory pushback, this new filing comes at a time of heightened interest in Bitcoin ETFs, particularly after BlackRock's recent application. The ETF aims to hold only Bitcoin and will issue baskets in exchange for Bitcoin deposits, reflecting a more straightforward approach to ETF management.

What are the next steps for Valkyrie’s ‘BRRR’ spot Bitcoin ETF after entering the SEC’s rulemaking list?

After Valkyrie’s ‘BRRR’ spot Bitcoin ETF entered the SEC’s rulemaking list, there is a 21-day comment period during which the public can submit feedback on the proposal. Following this period, the SEC has up to 45 days to either approve or disapprove the rule change, with a potential extension of up to 90 days. This timeline is critical as it will determine how quickly Valkyrie can move forward with its ETF launch and what regulatory hurdles may still need to be addressed.

What impact could Valkyrie’s ‘BRRR’ spot Bitcoin ETF have on the cryptocurrency market?

The approval of Valkyrie’s ‘BRRR’ spot Bitcoin ETF could significantly impact the cryptocurrency market by legitimizing Bitcoin as an investment vehicle for institutional investors. As more ETFs enter the market, it could lead to increased demand for Bitcoin, potentially driving up its price. Furthermore, successful approval could pave the way for other asset managers to file similar proposals, thereby expanding the range of investment options available to both retail and institutional investors.

Why is the ticker symbol 'BRRR' significant for Valkyrie's spot Bitcoin ETF?

The ticker symbol 'BRRR' chosen by Valkyrie for its spot Bitcoin ETF is significant as it references a popular meme within the Bitcoin community that symbolizes the concept of printing money. This playful nod not only captures attention but also aligns with the broader narrative surrounding Bitcoin as a hedge against inflation and traditional monetary policies. By using this symbol, Valkyrie aims to resonate with crypto enthusiasts while highlighting its innovative approach to Bitcoin investment.