Valkyrie ‘BRRR’ Spot Bitcoin ETF Enters SEC’s Nasdaq Rulemaking Listing

The United States Securities and Exchange Commission (SEC) has accepted Valkyrie’s bitcoin (BTC) exchange-traded fund (ETF) proposal for official review.

Valkyrie’s Proposal for Its Spot Bitcoin ETF, According to SEC’s Nasdaq Rulelisting Data Entered Official document on 17 July.

Valkyrie’s listing on the docket is the second bitcoin ETF proposal being considered by the SEC. This comes just days after the SEC published BlackRock’s Spot Bitcoin ETF proposal on July 13.

The filing is Valkyrie’s second attempt to launch a spot bitcoin ETF in the United States. The family investment fund previously proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. In response to regulatory pressure from the SEC, Valkyrie was still able to launch a futures-based bitcoin ETF in October 2021.

In the attached notice, SEC Deputy Secretary Mathieu Delesdernier mentioned Nasdaq applied for a proposed rule change on July 3 allowing the listing of a spot bitcoin ETF by Valkyrie.

“The Trust will only hold bitcoin and from time to time issue baskets in exchange for bitcoin deposits and distribute bitcoin in connection with redemptions of baskets,” DeLesDernier said in the statement.

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The public can provide feedback on Valkyrie’s spot bitcoin ETF proposal during a 21-day comment period or until August 7, according to SEC data. However, the SEC still has up to 45 days from the time of publication. DeLesDernier wrote, notice in the Federal Register, or within a longer period of up to 90 days to approve or disapprove the rule change.

Valkyrie’s latest bitcoin ETF proposal was filed in late June 2023 amid optimism over BlackRock’s spot BTC ETF filing. Valkyrie proposed listing the ETF under the ticker symbol “BRRR,” a reference to a popular bitcoin community meme that represents the sound of printing money.

#bitcoin go etf $brrr https://t.co/amAyDryTxf

— Bhoot Head ️ (@bhut_head) 18 July 2023

The renewed optimism on spot bitcoin ETFs has been fueled by BlackRock refilling for its spot BTC ETF on June 29. Earlier, ARK Investment Management also filed an application for a spot bitcoin ETF in April, the third attempt to get such a product approved. sec.

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