Valkyrie Follows BlackRock's Lead, Submits Bitcoin Spot ETF Request with NASDAQ-Coinbase Surveillance Agreement
Valkyrie, like BlackRock and other managers, has recently filed a new application seeking approval for its Bitcoin Spot ETF. The application bears a strong resemblance to BlackRock's request, encompassing all the necessary information concerning the surveillance agreement between NASDAQ and Coinbase.
Because Bitcoin
July 5, 2023
Following in the footsteps of BlackRock and several other managers, Valkyrie has also submitted a new request for approval for its Bitcoin Spot ETF. The request closely resembles that of BlackRock, as it includes the required details regarding the surveillance agreement involving NASDAQ and Coinbase.
It is an application almost identical to that of the investment giant, which should logically and legally have a good chance of approval in a Bitcoin Spot ETF world that has only failed to find a home in the United States, considering the most developed market economies.
The new filing was delivered to the SEC on July 3rd, and now the agency must review another product as the pressure mounts for one of these vehicles to finally be approved in the United States of America. Now the ball is in the SEC's court, as they must review several applications, some of which involve giants like BlackRock, WisdomTree, and Valkyrie. The pressure on the agency increases, and this time they have also been satisfied in terms of requirements.
At the end of June, the agency had requested BlackRock and Fidelity to provide additional documentation regarding the surveillance agreement between Coinbase and NASDAQ, which was considered crucial by the SEC. Now, in Valkyrie's application, these agreements have been explicitly stated, giving good chances for approval.
RELATED: SEC Deems Spot Bitcoin ETF Filings Inadequate: WSJ
In the case of approval, a significant influx of capital is expected for a product that, at least for certain categories of investors, will remain a preferable vehicle compared to direct investment. Estimating the impact on Bitcoin is difficult at this point.