Valkyrie Bitcoin ETF Filing Amid SEC Pressure: Examining Future of Crypto ETFs & Industry Conflict

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Valkyrie Funds, a Tennessee-based asset manager, has recently filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin exchange-traded fund (ETF). The move comes as several other companies, including BlackRock, Invesco, and WisdomTree, pursue similar applications.

Valkyrie already has a Bitcoin futures ETF product listed on the Nasdaq and seems to be keeping a close eye on the ETF market’s developments as more companies enter the space. Interestingly, BlackRock, the world’s largest asset manager, submitted an application for a spot Bitcoin ETF in an attempt to fast-track its market launch amid existing regulatory scrutiny.

The proposed Valkyrie Bitcoin Fund aims to provide investors with an inexpensive and practical method to invest in Bitcoin. It will use the New York-based CME CF Bitcoin Reference Rate Variant (the “Index”) as the benchmark for its investment strategy. Despite numerous requests in recent years, the SEC has yet to approve any spot Bitcoin ETFs – although it introduced the first futures-based ETFs in the fourth quarter of 2021.

As Valkyrie and other companies submit their applications, the SEC finds itself overrun with requests for spot Bitcoin ETFs. Despite ongoing legal battles against major exchanges like Binance and Coinbase, investment firms remain confident in their timing for approaching the U.S. Securities Commission.

Simultaneously, the launch of EDX, a cryptocurrency exchange backed by prominent industry players like Charles Schwab, Fidelity Digital Assets, and Citadel Securities, seems to align with this increased interest in spot Bitcoin ETFs.

The surge of activity in the ETF market signifies an eagerness among industry players to capitalize on the emerging financial interest. In an official news guest snippet, Valkyrie’s application to the SEC for their spot Bitcoin ETF – dubbed the “Valkyrie Bitcoin Fund” – reveals intentions to list the fund’s shares on the Nasdaq stock market.

While optimistic, these recent ETF application filings further spark debate regarding the SEC’s stance on cryptocurrency and its future role in the financial market. The question arises if the SEC’s future response will indulge these firms vying for a spot Bitcoin ETF or lean towards caution and continue to hold back. Regardless, it seems the financial industry’s eagerness for crypto ETFs has only intensified with time – a trend unlikely to wane in the near future.

Source: Cryptonews

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