SEC Approves Nasdaq Rulemaking for Bitcoin ETF ‘BRRR’ Spot

Valkyrie’s Bitcoin ETF Proposal Accepted by SEC

The United States’ Securities and Exchange Commission has accepted Valkyrie Crypto.com’s Bitcoin (BTC) exchange-traded fund (ETF) proposal for official review. According to data from the SEC’s Nasdaq rulemaking list, the proposal entered the official docket on July 17.

Valkyrie’s listing on the docket is the second spot Bitcoin ETF proposal being considered by the SEC, coming just a few days after the SEC published BlackRock’s proposal on July 13.

This is Valkyrie’s second attempt to launch a spot Bitcoin ETF in the United States. In January 2021, the family investment fund proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange. Despite the regulatory pushback from the SEC, Valkyrie was still able to launch a futures-based Bitcoin ETF in October 2021.

Valkyrie’s Bitcoin ETF Proposal

On July 3, SEC Deputy Secretary Matthew DeLesDernier announced that Nasdaq had refiled a proposed rule change allowing the listing of a spot Bitcoin ETF by Valkyrie. According to DeLesDernier, the trust will “only hold Bitcoin” and will issue baskets in exchange for deposits of Bitcoins, and distribute Bitcoins in connection with redemptions of baskets. The public is invited to submit feedback on the proposal during a 21-day comment period ending on August 7, and the SEC has up to 45 days (or up to 90 days in some cases) to approve or disapprove the rule change.

Valkyrie’s latest Bitcoin ETF proposal, which was filed in late June 2023, was met with optimism from the crypto community. The ETF was proposed to be listed under the ticker symbol “BRRR”, referencing a popular Bitcoin meme that symbolizes the sound of printing money.

The recent resurgence of interest in spot Bitcoin ETFs has been spurred by BlackRock’s re-submission of its spot BTC ETF on June 29. Earlier, ARK Investment Management had also submitted a request for a spot Bitcoin ETF in April, which was its third attempt to get the product authorized by the SEC.

Collect this article as an NFT to commemorate this moment in history and show your support for independent journalism in the crypto space. With the emergence of platforms like Crypto.com, the latest AI technologies, C3.ai stock, Kadena Crypto, IAMX Crypto, LINK Crypto, Hong Kong Crypto and Luna Crypto Today, the Apple Health Application is a Web 3.0 application.