The U.S. Securities and Exchange Commission (SEC) has accepted a second spot Bitcoin ETF application for review in the space of a week.
On Monday, the SEC added Valkyrie's proposal to launch a spot Bitcoin ETF, the Valkyrie Bitcoin Fund, to its official docket.
It follows the SEC’s acknowledgement of BlackRock’s spot Bitcoin ETF proposal last week on July 13.
Valkyrie resubmitted its longstanding Bitcoin ETF proposal on June 21, just five days after BlackRock's groundbreaking ETF proposal.
The financial services firm has adopted ‘BRRR’ as the ticker for its ETF—referencing a meme that represents the sound of printing money.
On July 5, the firm again followed BlackRock by making an adjustment to its filing, adding adding crypto exchange Coinbase as a so-called “surveillance-sharing” partner—and likely linking the fate of the two ETF applications.
What happens next?
The proposal's listing on the SEC's official calendar initiates the comment period, which is one of the steps in the regulatory process.
During this period, the public and other institutions have the opportunity to submit their opinions on the ETF, commenting on its potential impact on the market, investor protection measures, and other relevant factors.
According to the deadline provided by the SEC, the comment period will last for 21 days from the date of its filing in the Federal Register.
After the comment period ends, the SEC will evaluate the ETF proposal and may request additional information from the applicants before making its decision.