​Valkyrie Investments applies to launch a spot bitcoin ETF

What’s new? Asset manager Valkyrie Investments has filed an application with the US Securities and Exchange Commission (SEC) to launch a spot bitcoin exchange-traded fund (ETF). This is the fifth such application from a major company in the last few days. If approved, the fund’s shares, called Valkyrie Bitcoin Fund, will trade on the Nasdaq exchange under the ticker BRRR. Bloomberg analyst James Seyffart reported this on his Twitter account.

Anddd we have anotha one! Most interesting here with this updated Valkyrie Bitcoin Fund prospectus -- they have changed their exchange to Nasdaq (same as BlackRock) anddd they gave us a ticker $BRRR. pic.twitter.com/3QxeFRfLPy — James Seyffart (@JSeyff) June 21, 2023

Bitcoin ETFs fever. On June 21, Bloomberg senior analyst Eric Balchunas and reporters at Blockworks reported filings from three major investment funds — WisdomTree, Invesco, and Bitwise — to launch spot bitcoin ETFs. According to Andrew Parish, co-founder of trading firm Arch Public, the financial holding Fidelity is also considering options to launch a similar product. Earlier, the media reported on plans by the world’s largest investment firm, BlackRock, to launch a spot bitcoin ETF.

Seyffart and Balchunas wrote back in March 2022 that the SEC may allow the launch of spot bitcoin ETFs in 2023. According to them, the SEC’s refusal to allow spot ETFs on the stock markets was because crypto exchanges, as the main asset providers in such products, do not comply with the law. If it changes, that argument will no longer be valid.

The timing of the launch of bitcoin ETFs in the United States was affected by the collapse of the FTX crypto exchange, Steven McClurg, the chief investment officer of Valkyrie, believes. He explained that regulators had to “take a step back” to conduct due diligence on industry representatives.

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To date, the SEC has not approved any such investment products, but news of filings from large funds has led to a rally in the bitcoin rate. Over the past seven days, according to aggregator CoinGecko, the asset has risen by 20,66% and is trading at $30 092 on Binance as of June 22, 06:45 UTC.