Valkyrie Investments Updates Spot Bitcoin ETF Filing, Fuelling Speculations of Approvals
Summary:
Digital asset manager Valkyrie Investments has updated its filing for a Bitcoin ETF with US securities regulators. The updated filing aims to provide investors a chance to invest in Bitcoin-backed common shares to be traded on the Nasdaq Stock Market under ticker symbol "BRRR". The modification arrives following a delayed decision by the SEC on the same in September. This update marks further progress among recent Bitcoin ETF amendments by major firms suggesting possible approvals.
Valkyrie Investments, a digital asset manager, has recently modified its filing for a spot Bitcoin exchange-traded fund (ETF) with US securities officials. According to the Securities and Exchange Commission (SEC) database, Valkyrie updated its spot Bitcoin ETF application on October 30. The revised form S-1 registration statement for the Valkyrie Bitcoin Fund is designed to provide investors with a chance to invest in Bitcoin-backed common shares. These shares depict units of fractional undivided beneficial interest and ownership in the trust and are set to be traded on the Nasdaq Stock Market under the ticker symbol "BRRR". Valkyrie stated in the filing that the prospectus information is not final and is subject to change, and the firm is not permitted to sell BRRR securities until the registration statement is approved. This modification comes approximately a month after the SEC's September decision delay on the Valkyrie Bitcoin Fund. Valkyrie's revised spot Bitcoin ETF joins a group of at least six other recent spot BTC ETFs amended filings by firms like Bitwise, BlackRock, Fidelity, Grayscale, VanEck, and ARK Invest. Experts in the online crypto ETF community view these continuous Bitcoin ETF modifications as encouraging signs of advancement and potential approvals. Bloomberg ETF analyst James Seyffart supports this viewpoint, seeing Valkyrie's latest spot Bitcoin ETF revision as another sign of behind-the-scenes activity.
However, at least five spot Bitcoin ETF filers, including WisdomTree, Invesco & Galaxy, Global X, Hashdex, and Franklin Templeton, have yet to modify their applications. Currently, SEC Chairman Gary Gensler reported in late October that the SEC has between eight to ten filings for prospective spot Bitcoin ETFs under review.
Published At
10/31/2023 9:59:37 AM
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