American Fund Management Firm Valkyrie Files for Spot Bitcoin ETF

  • Valkyrie’s latest filing for a spot Bitcoin exchange-traded fund (ETF) includes a “surveillance sharing agreement” with Coinbase.
  • Nasdaq Stock Market refiled a rule change proposal to allow listing of the Valkyrie Bitcoin Trust’s spot Bitcoin ETF.
  • Valkyrie made its latest attempt at a spot BTC ETF filing with the SEC in June, but the asset manager has been submitting applications dating back to 2021.

Following the SEC’s statement on June 30, a number of firms filed and refilled ETF applications, and today, Valkyrie joined those firms.

Valkyrie Refiles Spot Bitcoin ETF

Bitcoin-BTC

In its latest filing for a spot Bitcoin ETF, U.S.-based crypto asset management firm Valkyrie included a “surveillance sharing agreement” with Coinbase.

According to a filing made with the U.S. Securities and Exchange Commission (SEC), the Nasdaq Stock Market refiled a rule change proposal to allow listing of the Valkyrie Bitcoin Trust’s spot Bitcoin ETF. The filing also included details of an agreement dated June 30, aiming to provide Nasdaq with “additional access to data related to spot Bitcoin transactions.”

This filing comes after asset manager BlackRock and Fidelity made similar filings involving surveillance sharing agreements in the past week. On June 30, the SEC reportedly said that the crypto ETF filings made with Nasdaq and Cboe were “not sufficiently clear and comprehensive” and hinted that surveillance arrangements could work in favor of the applications in regulatory approval.

Valkyrie made its latest attempt at a spot BTC ETF filing in June, but the asset manager has been submitting applications dating back to 2021. The company successfully launched a Bitcoin futures-based ETF in October 2021, but the SEC has not approved any spot ETFs tied to cryptocurrencies.

SEC’s Stance on Spot Bitcoin ETFs Remains Unchanged

In recent years, many firms have applied to the SEC for such a cryptocurrency investment vehicle but have not been successful. After the SEC rejected a spot Bitcoin ETF in June 2022, Grayscale Investments filed a lawsuit alleging that the regulator had not consistently applied rules to similar investment vehicles.

At a time when the community had lost hope for spot Bitcoin ETFs, BlackRock’s application for a spot Bitcoin ETF revived expectations, and a series of investment firms, including Fidelity Investments, followed suit with spot ETF applications.

As mentioned above, no spot Bitcoin ETF has been approved yet, but the competition among investment firms for a spot Bitcoin ETF raises expectations for approval of the applications.

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