On October 30, Valkyrie Investments made changes to their application for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
This new filing is for the Valkyrie Bitcoin Fund and is designed to allow investors to buy shares that are supported by Bitcoin. These shares represent partial ownership of the trust, and they are expected to be traded on the Nasdaq Stock Market with the symbol “BRRR.”
The revised submission was made about a month after the SEC postponed its decision on the Valkyrie Bitcoin Fund in late September.
Valkyrie has now updated its application for a Bitcoin ETF, and it’s one of at least six other similar updated applications for Bitcoin ETFs. These other applicants include Bitwise, BlackRock, Fidelity, Grayscale, VanEck, and ARK Invest.
Online analysts who specialize in crypto exchange-traded funds (ETFs) suggest that the recent amendments being made to Bitcoin ETF proposals indicate positive developments and potential approvals on the horizon.
Valkyrie’s latest update on their spot Bitcoin ETF is seen as further proof that there is activity happening behind the scenes. According to James Seyffart, an ETF analyst at Bloomberg, these changes are a positive sign of progress in the cryptocurrency ETF space.
After some recent changes in regulations, several well-known companies, such as WisdomTree, Invesco, Galaxy, Global X, Hashdex, and Franklin Templeton, have not updated their applications for Bitcoin ETFs.
The Securities and Exchange Commission (SEC) currently has between eight to ten applications for potential Bitcoin ETFs that they are reviewing, as mentioned by SEC chairman Gary Gensler in late October.