Valkyrie Submits S-1 Registration Form to SEC for Bitcoin ETF
Valkyrie, a cryptocurrency fund manager, has recently submitted an S-1 registration form to the United States Securities and Exchange Commission (SEC) in order to create a Bitcoin spot exchange-traded fund (ETF). This is the latest in a series of similar applications filed by other financial firms in the past week. Valkyrie proposed that its ETF be listed on the Nasdaq exchange with the symbol BRRR.
Valkyrie has a great deal of experience with Bitcoin (BTC) futures ETFs. In October 2021, they released the second BTC futures ETF in the United States, the Valkyrie Bitcoin Strategy ETF (BTF). Then in December of the same year, they launched the Valkyrie Balance Sheet Opportunities (VBB) fund. However, they liquidated VBB in October 2022. Additionally, Valkyrie runs the Valkyrie Bitcoin Miners ETF (WGMI), which follows the securities of companies that make money from BTC mining.
On May 16th, the firm submitted a request for the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD) to be established as a fund, as opposed to a trust, which is what their proposed BTC spot ETF would be.
Valkyrie Investments’ chief investment officer Steven McClurg indicated in a Hashing It Out podcast in March that the firm’s actions were motivated by the actions of its rivals. McClurg suggested that a Bitcoin Exchange-Traded Fund (ETF) could only become reality “in a future administration after the next elections or through legislative action.”
Competitors Follow Suit as Bitcoin Price Soars
The Grayscale Bitcoin Trust is approaching its 2023 highs as buyers increase their activity, following BlackRock’s filing of an ETF.
On June 15, BlackRock submitted a request to list a BTC spot exchange-traded fund (ETF) on the Nasdaq as a trust. WisdomTree and Invesco followed suit with similar applications on June 20, and there are rumors that Fidelity will also file an application for a BTC spot ETF. At present, BTC is soaring, having increased by 6.41% at the time of writing.
Samsung’s Bitcoin ETF, a $700 million failure, and Coinbase leaving Japan: Asia Express.
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