In a significant development, the US SEC has accepted Valkyrie’s spot Bitcoin (BTC) exchange-traded fund (ETF) application for review. This marks the second spot BTC ETF application acceptance by the SEC in just two weeks.
Valkyrie’s Application Refiled with Nasdaq and Coinbase Partnership
Early this month, Nasdaq, the renowned stock exchange giant, resubmitted Valkyrie’s application for a spot BTC ETF with Coinbase as the designated “surveillance partner.” The proposed rule change has been accepted by the SEC, granting permission to list and trade the ETF under Nasdaq.
According to the official filing, the SEC has initiated a public comment period that will last for 21 days from the date of filing in the Federal Register. During this period, interested parties are invited to submit their written data, views, and arguments regarding the proposed rule change and its consistency with the Act.
A Positive Trend for Bitcoin ETF Applications
The acceptance of Valkyrie’s spot BTC ETF and other similar applications from major players in the cryptocurrency space is a significant step forward for the industry. It opens up a regulated avenue for investors to gain exposure to Bitcoin’s price movements. This especially during times of high volatility.
This move is expected to attract both institutional and retail investors, bolstering the market’s overall liquidity and stability.
Once the comment period concludes, the SEC will review the ETF proposal. They may also request additional information from the applicant before granting approval for the spot Bitcoin ETF. This careful review process ensures that regulatory standards are met, providing investors with a reliable and secure investment option.
Market Reaction and Bitcoin Price Movement
The SEC’s recent acceptance of BlackRock’s spot Bitcoin ETF filing already had a positive impact on the price of Bitcoin. Following the news, the BTC price surged, crossing the $30,000 mark and maintaining a steady hold above it.
Read More:
Bankrupt Celsius Allocates $24M from GK8 Sale for Legal Expenses
Coinbase CEO to Engages in Closed-Door Meeting with House Democrats to Discuss Crypto Legislation