[NEWS] Valkyrie amends Bitcoin spot ETF application, another step towards approval

Valkyrie, a US digital asset management company, revised its application for the Bitcoin spot ETF "Valkyrie Bitcoin Fund" that it submitted to the SEC (US Securities and Exchange Commission) on the 30th of last month. The updated application is another step toward approval of the Bitcoin spot ETF.

If the ETF is approved by the SEC, it will be listed on the Nasdaq and trade under the ticker symbol "BRRR". The application is not yet final and may be subject to change.

The reason why Valkyrie revised its Bitcoin spot ETF application is that the SEC postponed the review of the approval of the Valkyrie Bitcoin Fund in late September.

Major companies such as BlackRock, Bitwise, Fidelity, Grayscale, VanEck, and ArkInvest also revised their Bitcoin spot ETF applications after the SEC postponed the review, and Valkyrie has made the same revision.

While many companies are amending their Bitcoin spot ETF applications, some major companies have not yet started. Invesco, GlobalX, Hashdex, Franklin, and others have not made any amendments.

According to Bloomberg's senior crypto asset ETF analyst James Seyffart, these ongoing amendments are a signal of progress toward the SEC's approval of a Bitcoin spot ETF.

The amendments also indicate that behind-the-scenes negotiations are underway that bring the SEC closer to making a historic decision.

According to comments made by SEC Chairman Gary Gensler in late October, a dedicated SEC team is currently reviewing eight to ten Bitcoin spot ETF applications.

The SEC is also planning a closed-door meeting to discuss Grayscale's application to convert to a Bitcoin spot ETF after receiving an order from the U.S. Court of Appeals to reconsider the ruling. The meeting, which will be held on the 2nd of this month, is attracting attention as it will be crucial for the approval of the investment product.

The deadlines for the SEC's review of Bitcoin spot ETFs are all approaching in January and March of next year. At the same time, pressure is being applied from the market, U.S. lawmakers, and courts to finally approve the Bitcoin spot ETF.

Market participants believe that the approval of a Bitcoin spot ETF symbolizes the maturity of the cryptocurrency market and will lead to progress in the cryptocurrency industry.

Reference:Application form
Image: Shutterstock