Valkyrie Joins BlackRock To Resubmit Spot Bitcoin ETF Filing

1 year ago

Summary:

Valkyrie refiled its exertion for a spot Bitcoin ETF with the SEC per a 19b-4 filing seen connected Wednesday.
The plus manager joins different Wall Street titans similar BlackRock and Fidelity successful filing a 2nd exertion aft the SEC responded.
Valkyrie, similar different plus managers, names Coinbase arsenic its spouse for the contentious surveillance-sharing statement meant to tackle marketplace manipulation.

Trillion-dollar plus manager Valkyrie Digital Assets submitted different exertion for a spot Bitcoin ETF aft the U.S. Securities and Exchange Commission rejected erstwhile attempts, saying that the filings did not code marketplace manipulation concerns oregon conscionable the regulator’s requirements.

Valkyrie’s 19b-4 filing with the SEC names crypto speech Coinbase arsenic its spouse for a contentious surveillance-sharing agreement. Notably, different issuers similar BlackRock and Fidelity named Coinbase arsenic their surveillance partners arsenic good contempt a hanging suit against the speech from America’s apical securities regulator.

The plus manager argued its lawsuit for choosing Coinbase arsenic its partner, noting that Nasqad antecedently executed a word expanse with the crypto speech noted arsenic the largest virtual currency trading venue successful the U.S.

If approved by the SEC, Valkyrie would boast 3 abstracted exchange-traded funds that are tied to Bitcoin. In May 2022, the SEC approved Valkyrie’s Bitcoin futures ETF exertion that allows the institution to connection 2 ETFs to investors.

Spot Bitcoin ETF Wars

Valkyrie is the latest partition thoroughfare steadfast to participate the spot Bitcoin ETF frenzy arsenic issuers contention toward being the archetypal to marketplace with the product. Spot Bitcoin ETF volition let issuers to connection a money that straight invests successful Bitcoin.

BlackRock, Fidelity, 21 Shares/ARK Invest, Bitwise, WisdomTree, Invesco, VanECK, and Valkyrie person each filed for spot Bitcoin ETFs with the SEC, Bloomberg expert James Seyffart confirmed. BlackRock’s June 15 filing seemingly galvanized a question of applications. The filing besides reportedly buoyed Bitcoin’s terms supra 30,000.

Since BlackRock’s filing, Grayscale’s GBTC shares are up 57% and the nett plus worth (NAV) discount has narrowed by astir 30%, per information from The Block.