Nasdaq Hints SEC’s Application Approval of Valkyrie ETF

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Nasdaq HQ
Source: Forbes

There is light at the end of the tunnel for ETFs after the Securities Exchange Commission approved Valkyrie Bitcoin ETF application. 

Listed on the Nasdaq stock market, this ETF registered after the Securities Exchange Commission’s acceptance notice. Recently, the vice president of Nasdaq posted a letter to confirm that the Bitcoin ETF was certified.

Around August, Valkyrie became the fourth firm to file an application for Bitcoin Futures ETFs. Additionally, the ETF purchasing would get done and a subsidiary entirely owned by the fund through the exchange platforms registered by the CFTC. 

In addition, other than Bitcoin contracts investments, these funds are tradable on the CME (Chicago Mercantile Exchange). Although the Securities Exchange Commission (SEC) has until the 25th day of this month to approve the application, the date could shift to December. 

Other applicants waiting in line at the SEC’s desk include; ProShares, Invesco, and VanEck among others. 

What does the SEC do?

Simply, the Securities Exchange Commission is an American Agency that deals with Financial system control. Additionally, the body has a couple of functions, including;

  • Supervising the Corporate sector
  • Protecting public investors 
  • Maintenance of fair markets 
  • Ensuring transparency during transactions 

The commission also has five divisions, including; Corporation Finance, Trading and Marketing, Investment Management, Enforcement, and Economic & Risk Analysis. These divisions have specific roles they play for the Agency. 

In addition, the commission has an online database called EDGAR. EDGAR is an acronym for Electronic Data Gathering, Analysis, and Retrieval. Companies use this database to report, fill in forms, and basically any information the Securities and Exchange Commission wants. 

What is an ETF?

Traded on Stock Exchange platforms, an ETF, also known as an Exchange Fund, is an example of an investment fund.

ETFs hold currencies such as Bitcoin, products like gold, stock, and bonds, among others.

Advantages of Exchange Funds include; low transaction fees, their tradable nature, and tax efficiency. 

About Nasdaq 

Nasdaq is a global financial service company based in the United States. Additionally, the corporation operates three stock exchanges.

  1. Nasdaq Stock Exchange
  2. Philadelphia Stock Exchange
  3. Boston Stock Exchange

Adama Friedman is the CEO and chair of the corporation, with its headquarters based in New York. Notably, Nasdaq launched for the first time about fifty years ago. 

About Valkyrie 

Valkyrie is a management firm at the intersection of the traditional methods of banking and the digital market. 

On their website, the company also penned, “We believe the digital asset ecosystem is a catalyst for long-term global economic growth and sustainability and are committed to further advancing the progress in this space.”

Conclusion 

In summary, the SEC is warming up to the approval of ETF applications. The commission approved Valkyrie’s ETF application, and Enthusiasts hope to see more application approvals next year. 
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