Valkyrie Investments Applies to SEC for Bitcoin Spot ETF Trading

The mighty Valkyrie Investments has applied to the U.S. Securities and Exchange Commission (SEC) to begin trading a spot Bitcoin ETF.

On June 21st, Valkyrie filed an application to the SEC to list a Bitcoin spot ETF. They want to have the fund traded under the ticker name BRRR on the Nasdaq stock exchange. Valkyrie was an early market participant in the development of derivative products based on Bitcoin.

In October 2021, the Valkyrie Bitcoin Strategy ETF launched in the United States. In December of same year, the company also debuted the Valkyrie Balance Sheet Opportunities (VBB). However, VBB was disbanded in October of 2022.

Rising BTC ETF Trend

Financial giants like Valkyrie, BlackRock, Bitwise, Invesco, and WisdomTree are actively seeking authorization for ETFs in order to provide investors with more accessible and regulated options to engage in the Bitcoin market.

These shifts show that the market is developing and maturing, with ETFs becoming an important tool for investors looking for regulated exposure to Bitcoin.

BlackRock Confidence

However, it’s worth noting that the US SEC has often rejected schemes for failing to provide enough protection to investors. Many market players, however, believe that the arrival of BlackRock will change things now.

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BlackRock’s application for a spot Bitcoin ETF caused the price of Bitcoin to spike by 20%, thus breaching $30,000. As a consequence, there has been a lot of whale activity lately.