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- Valkyrie submitted its registration for a spot Bitcoin ETF with the SEC on June 21.
- Bitcoin’s value surged by nearly 20%, exceeding $30,000 amid the trend of ETF applications.
Valkyrie, a prominent financial entity, has recently filed with the U.S. Securities and Exchange Commission (SEC) to seek approval for a spot Bitcoin Exchange-traded fund (ETF).
The registration for the spot Bitcoin ETF was filed by Valkyrie on June 21, with plans to list the fund on the Nasdaq under the ticker BRRR. Valkyrie has been an early participant in the launch of Bitcoin-related derivative products.
The Valkyrie Bitcoin Strategy Exchange Traded Fund (ETF) was launched in the United States in October 2021. Additionally, the company introduced the Valkyrie Balance Sheet Opportunities (VBB) in December of the same year, although VBB was dissolved in October 2022.
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All Eyes on SEC
In an effort to offer investors more accessible and regulated options for engaging in the Bitcoin market, firms such as Valkyrie, BlackRock, Bitwise, Invesco, and WisdomTree are actively seeking approval for ETFs.
These developments reflect the ongoing growth and maturation of the industry, with ETFs becoming a significant vehicle for investors looking for regulated exposure to Bitcoin.
It is important to note that the U.S. SEC has historically rejected numerous proposals due to insufficient investor protections. Nevertheless, many market participants believe that the situation may differ this time due to BlackRock’s involvement.
Bitcoin’s price reversed its downward trajectory and rose by nearly 20%, surpassing $30,000, following BlackRock’s application for a spot Bitcoin ETF. This has also led to notable whale activity. As of the time of writing, Bitcoin is trading at $30,090 according to data from CMC.
