Valkyrie Is Latest ETF Issuer to Refile Bitcoin Fund Application With SEC

23 просмотра

(Bloomberg) -- Valkyrie is the latest issuer to refile an application for an exchange-traded fund that invests directly in Bitcoin after the US Securities and Exchange Commission had indicated initial documents were insufficient.

The Nashville, Tennessee-based firm said in filing that Coinbase Global Inc. will provide market surveillance in support of its proposed Bitcoin fund. The SEC had pushed back against previous filings for lacking clarity.

The new documents filed on Wednesday state that Nasdaq, which Valkyrie would list on if approved, had on June 30 “executed a term sheet with Coinbase” to “enter into a surveillance-sharing agreement.”

“This is something I’ve been looking for. Valkyrie is one of the only Bitcoin ETF filers from the recent past that hadn’t submitted a new 19b-4 in this wave,” said Bloomberg Intelligence ETF analyst James Seyffart.

Valkyrie was one of the early issuers to launch a Bitcoin-futures ETF in 2021. That fund, the Valkyrie Bitcoin Strategy ETF, trades under the ticker BTF.

Crypto market surveillance may be key to gaining SEC approval for a spot Bitcoin ETF. The surveillance can dramatically reduce fraud and market manipulation, which were top reasons the agency rejected around 30 spot Bitcoin ETF applications to date.

Following BlackRock’s mid-June filing for such an ETF, a slew of other firms filed or refiled for spot products amid market optimism that the SEC could reverse its long-standing view that such a fund shouldn’t be allowed. In evidence of a partial thaw, the agency did allow ETFs tied to Bitcoin futures in 2021 and recently also green-lit a leveraged Bitcoin-futures fund.

BlackRock’s initial filing has not only set off a race among other issuers for similar filings, but also sparked a rally for cryptocurrencies broadly. Bitcoin has added more than 10% over the past month alone and is up more than 80% since the start of the year. The idea of a potential spot ETF is exciting for many fans of digital assets because it could mean greater accessibility for everyday investors.

©2023 Bloomberg L.P.

Поделись своим мнением

ООО "Профинансы ИТ решения"
Юридический адрес: 123112, Российская Федерация, г. Москва, Пресненская набережная, д.12, этаж 82, офис 405, помещение 4
ОГРН: 1227700402522
ИНН: 9703096398
КПП: 770301001
Расчётный счет 40702810710001115701
Корреспондентский счет 30101810145250000974
БИК банка 044525974
Информация на данном сайте представлена исключительно для ознакомления и самостоятельного анализа инвестором. Не является индивидуальной инвестиционной рекомендацией. Не является рекламой ценных бумаг определенных компаний. Графики стоимости ценных бумаг отражают историческую динамику цены и не могут быть гарантией доходности в будущем. Прошлые результаты инвестиционной деятельности не гарантируют доходность в будущем. Числовые показатели взяты из официальных финансовых отчетов представленных компаний. ООО «ПРОФИНАНСЫ ИТ РЕШЕНИЯ» не несет ответственности за возможные убытки инвестора в случае использования представленной на сайте информации в своей инвестиционной стратегии, покупки и продажи указанных на сайте ценных бумаг.