The recent acceptance of another Bitcoin Exchange-Traded Fund (ETF) proposal by the U.S. Securities and Exchange Commission (SEC) is viewed as a positive sign for Bitcoin creating bullish sentiments.
On Monday, the SEC formally added Valkyrie’s application to create the Valkyrie Bitcoin Fund, a spot Bitcoin ETF, to its docket. This follows the SEC’s recent acceptance of BlackRock’s Bitcoin ETF proposal on July 13.
Valkyrie swiftly resubmitted its longstanding Bitcoin ETF proposal on June 21, shortly after BlackRock’s notable submission. Interestingly, Valkyrie has chosen the ticker ‘BRRR’ for its ETF, referencing a popular meme associated with money printing.
In a move mirroring BlackRock’s actions, Valkyrie updated its filing on July 5 to include Coinbase, a cryptocurrency exchange, as a “surveillance-sharing” partner. This connection could potentially link the fate of the two ETF applications.
With the proposal now listed on the SEC’s official calendar, the comment period begins, making an important phase in the regulatory process.
During this period, the public and institutions can share their opinions on the ETF, addressing its potential impact on the market, investor protection measures, and other relevant factors.
The SEC has set a 21-day deadline from the filing date in the Federal Register for the comment period.
Once this period concludes, the SEC will evaluate the ETF proposal, potentially requesting additional information from the applicants, before making a decision.
Also read: SEC Acknowledges BlackRock’s Bitcoin ETF Applications
