Valkyrie has filed for a spot Bitcoin (BTC) exchange-traded fund (ETF) after a first application in 2021. The filing with the U.S. Securities and Exchange Commission (SEC) is one of the most recent filings alongside BlackRock or Fidelity, which are trying to offer a new investment solution to investors that want to get exposure to Bitcoin.
Valkyrie Files for a Spot Bitcoin ETF
The asset manager company Valkyrie has refiled its application to offer spot Bitcoin ETF. The decision involves using Nasdaq as the exchange with the symbol $BRRR which references the large money printing from central banks that took place in recent years. It is worth taking into consideration that a Bitcoin futures ETF is listed on the same exchange and has been operative since 2022.
Over the last few months, the cryptocurrency market has received multiple attacks from regulators due to manipulation. The U.S. Securities and Exchange Commission has initiated actions against both Coinbase and Binance, which have harmed the credibility of the industry for several large and institutional investors.
With the approval by the SEC of new Bitcoin ETFs, there will be a unique opportunity for users to get exposure to Bitcoin without having to necessarily go through exchanges, an infrastructure that has been created for retail investors rather than for institutions or large industry players.
We could see in the future new applications with the SEC from companies that would also like to offer a Bitcoin ETF (spot). This could be an opportunity for the crypto industry as well to show that it is possible to offer institutional-grade solutions rather than just services for small and retail users.
It will be up to the SEC to approve or reject the current application made by Valkyrie.