The U.S. Securities and Exchange Commission has accepted Valkyrie’s Bitcoin (BTC) exchange-traded fund (ETF) proposal for formal review.
Based on data from the SEC Nasdaq rulemaking list, the proposal Enter Minutes of the official meeting of 17 July.
Valkyrie’s listing is the second spot bitcoin ETF proposal the SEC has considered, just days after the SEC released BlackRock’s proposal on July 13.
The filing is Valkyrie’s second attempt to launch a spot bitcoin ETF in the United States. The family investment fund had previously proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. Faced with regulatory headwinds from the SEC, Valkyrie was still able to launch a futures-based bitcoin ETF in October 2021.
In an accompanying notice, SEC Deputy Secretary Matthew DeLesDernier mention Nasdaq resubmitted a proposed rule change to allow Valkyrie to list a spot bitcoin ETF on July 3.
“The trust will hold only bitcoins and will issue baskets from time to time in exchange for deposits of bitcoins and distribute bitcoins upon redemption of the baskets,” DeLesDernier said in a statement.
related: BlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, says Bloomberg analyst
The public can submit feedback on the proposal during the 21-day comment period or until August 7. But the SEC still has up to 45 days from the date of publication of the notice in the Federal Register, or a longer period of up to 90 days to approve or disapprove the rule change, DeLesDernier wrote.
Valkyrie’s latest Bitcoin ETF proposal was filed in late June 2023 amid optimism surrounding BlackRock’s spot BTC ETF application. Valkyrie proposed listing the ETF under the ticker symbol “BRRR,” citing the popular Bitcoin community meme representing the voice of money printing.
#bitcoin ETFs go $BRRR https://t.co/amayDryTxf
— Bhut Head️ (@bhut_head) July 18, 2023
BlackRock reapplied for the spot bitcoin ETF on June 29, fueling renewed optimism about the spot bitcoin ETF. ARK Investment Management also previously submitted an application for a spot bitcoin ETF in April, its third attempt to win approval. US Securities and Exchange Commission.
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