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.
These Are All the Bitcoin ETFs That Are Now Trading in the US
Since the first application for a U.S. Bitcoin exchange-traded fund was filed in 2013, a spot Bitcoin ETF has become something of a holy grail for the crypto community. And now it’s finally here. An ETF is a publicly traded investment vehicle that tracks the value of an underlying asset; in the case of a Bitcoin ETF, that asset is Bitcoin. Advocates for a Bitcoin ETF argue that the complexities of exchanges, crypto wallets, and private keys still present a daunting barrier to entry into the cryp...
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.
SEC Formally Accepts BlackRock Spot Bitcoin ETF Application for Review
BlackRock's application to offer a spot Bitcoin exchange-traded fund (ETF) has been added to the official docket of the Securities and Exchange Commission as part of its proposed rule change process. The move, recorded late Thursday, advances the most closely-watched Bitcoin-related proposal to the SEC to date. The application for the iShares Bitcoin Trust was filed nearly a month ago, prompting a new wave of optimism across the crypto market, and additional filings for spot Bitcoin ETFs from a...
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.
