Valkyrie ‘BRRR’ spot Bitcoin ETF enters Nasdaq SEC rulemaking list

The United States Securities and Exchange Commission (SEC) has accepted its Valkyrie Bitcoin (BTC) exchange-traded fund (ETF) proposal for formal review.

According to data from the SEC’s Nasdaq rule-making list, Valkyrie’s proposal for its spot Bitcoin ETF enter official agenda on 17 July.

Valkyrie’s listing on the docket is the second-place Bitcoin ETF proposal being considered by the SEC. It comes just days after the SEC published its BlackRock Bitcoin ETF proposal on July 13.

Find Bitcoin ETF proposals for Nasdaq listings. Source: SEC

The filing is Valkyrie’s second attempt to launch a spot Bitcoin ETF in the United States. The family investment fund previously proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. In response to regulatory challenges from the SEC, Valkyrie may still launch a futures-based Bitcoin ETF in October 2021.

In the attached notification, SEC deputy secretary Matthew DeLesDernier the that the Nasdaq is resubmitting for proposed rule changes allowing listing of spot Bitcoin ETFs by Valkyrie on July 3rd.

“The Trust will only store Bitcoins, and will, from time to time, issue baskets in exchange for Bitcoin deposits and to distribute Bitcoins in connection with basket redemption,” DeLesDernier said in the statement.

Related: BlackRock Bitcoin ETF could unlock a $30 trillion fortune, says Bloomberg analyst

According to SEC data, the public can submit their feedback on the Valkyrie Bitcoin ETF spot proposal during a 21-day comment period, or until August 7. However, the SEC still has up to 45 days from the publication of the notice in the Federal Register, or a longer period of up to 90 days to approve or disapprove the rule change, DeLesDernier wrote.

Valkyrie’s latest Bitcoin ETF proposal was submitted in late June 2023, amidst the optimism surrounding BlackRock’s BTC ETF submission. Valkyrie proposed listing the ETF under the ticker symbol “BRRR,” a reference to a popular Bitcoin community meme representing the sound of money printing.

#Bitcoins ETFs go $BRRR

— Bhut Head ️ (@bhut_head) July 18, 2023

Renewed optimism over spot Bitcoin ETFs has been fueled by BlackRock backfilling its spot BTC ETF on June 29. Previously, ARK Investment Management also applied for a spot Bitcoin ETF in April, which would be its third attempt to get such a product approved by the SEC.

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