Valkyrie Goes Back To The Drawing Board: Submits Amended Spot Bitcoin ETF Application To SEC

Investment powerhouse Valkyrie has joined the growing list of spot Bitcoin exchange-traded fund (ETF) hopefuls to amend their prospectus with the U.S. Securities and Exchange Commission (SEC).

Quest For Spot Crypto ETF

Valkyrie has made notable changes to its spot Bitcoin ETF application.

The latest version, filed on October 30, seeks to offer investors a chance to invest in common shares backed by Bitcoin. These shares symbolize units of fractional undivided beneficial interest and ownership of the trust and will be traded on Nasdaq under the ticker symbol “BRRR”.

Valkyrie noted in the filing that the information in its application is incomplete and may be revised, adding that the company is not permitted to sell BRRR securities before the registration statement is effective.

The revised submission from Valkyrie comes roughly a month after the Securities and Exchange Commission postponed its decision on the Valkyrie Bitcoin Fund in September.

The SEC chose not to appeal its court loss against Grayscale, which suggests that GBTC’s conversion to a spot BTC ETF is likely on its way. Moreover, the addition of BlackRock’s proposed ticker for its spot Bitcoin ETF on the Depository Trust & Clearing Corp.’s website boosted investor hopes.

With the first U.S. spot Bitcoin ETF seemingly on the horizon, it seems like the entire crypto industry is optimistic about how such an investment vehicle could boost Bitcoin’s legitimacy in the investing world, trigger institutional adoption, and drive the BTC price to the moon.    

Is A Spot ETF Inevitable?

The SEC has repeatedly delayed or rejected the approval of spot Bitcoin ETFs due to concerns regarding market manipulation, investor protection, and regulatory oversight.

However, despite the delays, former SEC Chairman Jay Clayton posited in a September interview that he believed the approval of spot market Bitcoin ETFs in the U.S. is “inevitable”.

SEC Commissioner Hester Pierce, aka crypto mom, has also expressed support for the approval of spot ETFs.

“It is time for the Commission to stop categorically denying spot crypto exchange-traded products,” Peirce said earlier. “Spot ETPs have launched in other countries without incident and with great investor interest”.

Besides Valkyrie, BlackRock, Fidelity, VanEck, and Ark Invest have also amended the prospectus for their spot Bitcoin ETFs.

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