Valkyrie Tweaks Application for Bitcoin Spot ETF

Vignesh Karunanidhi
Valkyrie Tweaks Application for Bitcoin Spot ETF

Digital asset manager Valkyrie Investments became the latest company to update its filing for a spot bitcoin exchange-traded fund (ETF) with the SEC last week.

The amended registration statement aims to offer shares of the Valkyrie Bitcoin Fund, which would hold bitcoin directly if approved. The ETF would trade under the ticker “BRRR” on the Nasdaq.

Valkyrie stated that the filing is not complete and the shares cannot be sold yet. The update follows the SEC pushing back its decision timeline on Valkyrie’s proposed bitcoin ETF in September.

Also read: CME Becomes Top Bitcoin Futures Exchange Behind Binance

Several firms amend their Bitcoin ETF filings

At least six other firms, including heavyweights like Fidelity and BlackRock, have amended their bitcoin ETF filings recently. The flurry of updates is seen as a potentially promising sign of progress toward long-awaited approvals.

The SEC continues to evaluate a growing list of spot bitcoin ETF applications. SEC chair Gary Gensler reportedly said last week that there are currently 8 to 10 such proposals before the regulator.

Some major players, like WisdomTree and Franklin Templeton, have not amended their filings so far. But continued momentum from applicants suggests confidence is building around bitcoin ETFs in 2023.

With deadlines looming in January and February, the SEC faces increasing pressure to finally approve a spot bitcoin fund after rejecting all applications so far. The amendments indicate ongoing talks behind the scenes that may bring regulators closer to a historic decision.