The Delaware-based subsidiary of Valkyrie Investments Inc. has filed an updated spot Bitcoin Exchange Traded Fund (ETF) proposal with the United States Securities and Exchange Commission (SEC).
Notably, this is another one of the numerous applications for a spot BTC ETF that the investment management firm has submitted to the U.S. regulator of which most of them ended up being rejected. Valkyrie already offers a BTC Strategy ETF and BTC Miners ETF.
The Trust plans to list shares on the Nasdaq exchange under the ticker BRRR. The ETF which is billed to be dubbed Valkyrie Bitcoin Fund comes amidst a recent string of spot BTC ETF applications started by BlackRock.
BlackRock ETF Application Reignites Hope
Last week, global investment asset manager BlackRock with almost $10 trillion in assets under management (AUM) applied for spot BTC ETF with the SEC.
The application was done in collaboration with American cryptocurrency exchange Coinbase and corporate investment banking giant BNY Mellon. According to TheCoinRise, BlackRock would leverage Coinbase Custody for the ETF and Coinbase’s spot market data for pricing while also using BNY Mellon as the case custodian.
Beyond Valkyrie: Firms Reignite BTC ETF Applications
Shortly after, WisdomTree whose ETF application was rejected last year October, reapplied for a WisdomTree Bitcoin Trust. The U.S. company attested that it is looking to gain exposure to the price of Bitcoin without directly investing in the cryptocurrency. Just like BlackRock, WisdomTree plans to engage an independent pricing source in valuing its BTC.
Investment management company Invesco (IVZ) in partnership with Galaxy Digital also applied for a spot BTC ETF again citing that the lack of such an ETF pushes investors towards riskier alternatives. Invesco highlighted the result of such unsafe options to be insolvencies like that of FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
Grayscale Fights SEC ETF Application Rejection
So far, the SEC has not approved any spot BTC ETFs, nor has it given any impression that there might be an approval soon. Almost a year ago, Grayscale filed its first appeal in the Court of Appeals for the District of Columbia Circuit against the rejection decision of the SEC to convert the Grayscale Bitcoin Trust (GBTC) to a full-fledged ETF product.