Valkyrie’s Bitcoin ETF Proposal Accepted by SEC for Review

The United States Securities and Exchange Commission (SEC) has accepted Valkyrie’s proposal for a spot Bitcoin exchange-traded fund (ETF) for official review. This marks the second spot Bitcoin ETF proposal being considered by the SEC, following the recent publication of BlackRock’s proposal. Valkyrie’s new filing represents their second attempt to launch a spot Bitcoin ETF, after facing regulatory challenges in their previous proposal, leading to the launch of a futures-based Bitcoin ETF in 2021. The proposed ETF, listed under the ticker symbol “BRRR,” aims to solely hold Bitcoin and will issue baskets in exchange for deposits of the cryptocurrency. The public has a 21-day comment period to provide feedback on the proposal, while the SEC has up to 45 days to approve or disapprove the rule change. The growing interest and renewed optimism in spot Bitcoin ETFs have been fueled by BlackRock’s recent refiling for its spot BTC ETF, as well as ARK Investment Management’s application for a similar product.