- The US SEC has been receiving Bitcoin ETF resubmissions after it rejected previous applications for inadequacy.
- Valkyrie Bitcoin Fund was the last company to submit a Bitcoin ETF application to the SEC.
- The SEC has accepted several other BTC ETFs after the respective companies amended and resubmitted.
The US Securities and Exchange Commission (SEC) has officially accepted the Valkyrie Spot Bitcoin ETF application, marking a momentous step towards embracing BTC ETFs.
Besides marking a turning point for the entire crypto industry, SEC’s move suggests a potential turning point for widespread crypto adoption in the biggest economy in the world. If approved, the Valkyrie Spot Bitcoin ETF will be the first of its kind, providing investors with exposure to Bitcoin without requiring them to hold any physical cryptocurrency.
Crypto industry preparing for Bitcoin ETFs
The SEC accepted Valkyrie’s amended BTC ETF application after rejecting previous Bitcoin ETF applications noting that they were inadequate. The public has 21 days to comment after the Federal Register notice is published after which the public input will be reviewed.
Eric Balchunas, a senior ETF analyst at Bloomberg, immediately took to Twitter to spread the word after the US SEC approved Valkyrie’s application to register a spot Bitcoin ETF. Valkyrie was the very last company to apply for approval of spot Bitcoin ETFs in the flurry of companies that did. He added that the “BRRR” ticker was chosen by the Valkyrie Bitcoin ETF for its Nasdaq debut.
Other Bitcoin ETF applications that have been accepted by the SEC include applications made by Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21Shares. This clearly shows that the SEC is considering the applications.
Approving the Bitcoin ETFs would be a major victory for the cryptocurrency industry in addition to the recent Ripple Labs win against the SEC.