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Valkyrie ‘BRRR’ spot Bitcoin ETF enters SEC’s Nasdaq rulemaking list

Altszn.com by Altszn.com
July 18, 2023
in Bitcoin
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Valkyrie ‘BRRR’ spot Bitcoin ETF enters SEC’s Nasdaq rulemaking list
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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.

Spot Bitcoin ETF proposals for listing on Nasdaq. Source: SEC

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.

Valkyrie’s latest Bitcoin ETF proposal was filed in late June 2023, amid optimism around BlackRock’s spot BTC ETF filing. Valkyrie proposed to list the ETF under the ticker symbol “BRRR,” referencing a popular Bitcoin community meme that represents the sound of printing money.

The renewed optimism over spot Bitcoin ETFs has been fueled by BlackRock refiling for its spot BTC ETF on June 29. Previously, ARK Investment Management also filed an application for a spot Bitcoin ETF in April, which became its third try get such a product approved by the SEC.

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