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Valkyrie Investments has recently amended its filing for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), signaling a growing trend in the cryptocurrency industry. The Valkyrie Bitcoin Fund is designed to offer investors an exciting opportunity to invest in common shares backed by Bitcoin, with the ticker symbol “BRRR” set for trading on the Nasdaq Stock Market.
UPDATE: @ValkyrieFunds joins the prospectus amendment train for their spot #Bitcoin ETF. Things still moving behind the scenes. pic.twitter.com/z5WAvZtFwE
— James Seyffart (@JSeyff) October 30, 2023
A spot Bitcoin ETF differs from its futures-based counterpart by tracking the actual cryptocurrency, not futures contracts. While the SEC has recently approved two futures-based Bitcoin ETFs, many crypto enthusiasts believe that a spot Bitcoin ETF holds even more potential. This type of ETF would provide direct exposure to Bitcoin, reducing the associated risks and costs of futures contracts. Furthermore, it would necessitate holding physical Bitcoins in custody, potentially driving up demand and fostering greater cryptocurrency adoption.
Valkyrie Is Not Alone in the Race
Valkyrie isn’t alone in this endeavor. Several other prominent firms, including Bitwise, BlackRock, Fidelity, Grayscale, VanEck, and ARK Invest, have also adjusted their filings for spot Bitcoin ETFs in recent weeks. This collective effort indicates that the SEC might be actively considering these applications, potentially paving the way for a spot Bitcoin ETF approval in the near future.
Nonetheless, the SEC’s stance on spot Bitcoin ETFs remains uncertain. Past delays and rejections were rooted in concerns about market manipulation, investor protection, and regulatory compliance. Currently, the SEC has between eight and ten filings for possible spot Bitcoin ETFs awaiting review, according to SEC Chair Gary Gensler.
The crypto community eagerly anticipates the SEC’s decision on spot Bitcoin ETFs, as it could open new avenues for both institutional and retail investors to access the crypto market. Moreover, a spot Bitcoin ETF has the potential to lend greater legitimacy and credibility to Bitcoin as an asset class and a store of value.
As the crypto market continues to evolve, the Valkyrie Bitcoin Fund and similar initiatives indicate a growing convergence of traditional finance and digital assets, promising exciting opportunities for investors and the cryptocurrency industry as a whole.
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