Valkyrie ‘BRRR’ spot Bitcoin ETF enters SEC’s Nasdaq rulemaking list
The United States’ Securities and Exchange Commission (SEC) has accepted Valkyrie’s Bitcoin (BTC) exchange-traded fund (ETF) proposal for official review.
According to data from the SEC’s Nasdaq rulemaking list, Valkyrie’s proposal for its spot Bitcoin ETF entered the official docket on July 17.
Valkyrie’s listing on the docket is the second spot Bitcoin ETF proposal being considered by the SEC. It came just a few days after the SEC published BlackRock’s spot Bitcoin ETF proposal on July 13.
The filing is Valkyrie’s second attempt to launch a spot Bitcoin ETF in the United States. The family investment fund previously proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. In response to regulatory pushback from the SEC, Valkyrie was still able to launch a futures-based Bitcoin ETF in October 2021.
In an attached notice, SEC deputy secretary Matthew DeLesDernier mentioned that Nasdaq refiled for a proposed rule change allowing the listing of a spot Bitcoin ETF by Valkyrie on July 3.
“The trust will only hold Bitcoin, and will, from time to time, issue baskets in exchange for deposits of Bitcoins and to distribute Bitcoins in connection with redemptions of baskets,” DeLesDernier noted in the statement.
Related: BlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, Bloomberg analyst says
According to the SEC data, the public can submit their feedback on the Valkyrie’s spot Bitcoin ETF proposal during the 21-day comment period, or until Aug. 7. However, the SEC still has up to 45 days from the time of publication of the notice in the Federal Register, or within a longer period up to 90 days to approve or disapprove the rule change, DeLesDernier wrote.
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