In another positive development for the potential service, the US Securities and Exchange Commission (SEC) has acknowledged Valkyrie’s Spot Bitcoin ETF application. Moreover, the decision arrives a few days after similar acknowledgments were issued for applications from BlackRock and Fidelity.
Bloomberg analyst Eric Balchunas reported Valkyrie’s application to be the latest to reach this important step. Subsequently, although this certainly will not be indicative of an impending acceptance or rejection, it is a notable moment in the overarching application process.
Valkyrie Spot Bitcoin ETF Application Ackowneldged by SEC
Over the last few weeks, an influx of Bitcoin ETF applications has taken the industry by storm. Led by asset management behemoths BlackRock and Fidelity, a host of companies have sought to introduce the product to US investors. Now, the regulatory agency is in the process of acknowledging the host of applications.
Indeed, the SEC has now acknowledged Valkyrie’s Spot Bitcoin ETF as the latest in a long line of applications. Moreover, this part of the process does not necessarily mean an official judgment is impending. However, it is a notable sign that the process is well underway.
Additionally, Balchunas reported that Valkyrie is among the final Bitcoin ETF applications to be acknowledged by the agency. Among BlackRock and Fidelity, other companies to reach this part of the application process are WisdomTree, VanEck, Invesco, and ARK.
The SEC has yet to approve the development of such an ETF in the United States. Consequently, many are concerned that they will continue to stand in the way of its arrival in the country. However, with the influx of applicants and the inclusion of surveillance-sharing agreements to combat market manipulation concerns, they could be softening their stance. The arrival of a spot Bitcoin ETF will undoubtedly have a positive impact on the industry as a whole.