As it is now, toward the end of October, it is believed that the SEC has to consider eight to ten one possible Spot Bitcoin ETF applications coming up next. The quantitative firm Valkyrie was recently in the spotlight after the SEC (the US securities and exchange commission) amended a spot Bitcoin ETF prospectus.
The Valkyrie spot Bitcoin ETF Update
Twitters user James Seyffart, vendor for Bloomberg, has noted the introduction of additional security measures and this has been lauded by Valkyrie as they as they are working towards meeting the SEC’s Bitcoin ETF. Valkyrie, is using the S-1 registration statement to create a class of shares that will be backed by units of Bitcoin by common shares. Hence, it is offering investors a chance to buy these shares.
These units of the trust are Valkyrie shares and its expected to be traded with the ticker BRRRT on the Nasdaq Stock Market. It is important to note the information in this prospectus may be altered, therefore Valkyrie is prohibited from selling the trust under this case.
Consequently, the latest rule followed the fact that the SEC had postponed screening the Valkyrie Bitcoin Fund in September. Nevertheless, ETF Valkyrie will be able to restructure its Bitcoin futures ETF as the two-facets instrument by combining futures contracts for BTC and Ethereum into the one. An Ether futures contract acquisition is underway.
then?
The move to update the Valkyrie spot Bitcoin ETF aligns with similar changes made by other prominent entities in the crypto space, such as Bitwise, BlackRock Inc (NASDAQ: We see individuals such as Cathie Wood (Ark Invest), Tom Marcus (Fidelity Investments), Cory Johnson (Bitwise Investments), Eddy Zksylli (Yellowbrick Capital), and Marcus Sotiriou (GlobalBlock) supporting Bitcoin as an investment.
According to analysts studying the crypto ETF industry, such drafting is meant to indicate a step forward towards possible approvals in the crypto ETF area. It was read Valkery presentation yesterday, that bespeaks it as one of the many moves in the background as suggested by Seyffart.
Attributing to the fact that many companies, including Valkyrie and few other ones, have already made some amendments to their filings, still, of some well-known spot Bitcoin ETF filers some haven’t done so. WisdomTree, Invesco, Galaxy Digital, Global X, Hashdex, and Franklin Templeton are among those who have not yet amended their applications updating their requirements to suit the Gen2 FIA’s drafted guidelines.
What Preposition for Spot Bitcoin ETFs to Receive Approval By the Regulatory Authorities
The media reports by early November, the public learned that the SEC hadn’t approved yet eight to ten Bitcoin spot ETF applications. Gary Gensler, the chairman of SEC has also witnessed this and therefore stated that certain regulatory issues are sizable in bearing on the crypto assets’s development.
Spot Bitcoin ETF update
Also, the SEC has a close-door session to debate about the application of Grayscale for a Bitcoin ETF, which is caused because of the decision of the US Court of Appeals to revisit the recent decision. Attendees expect this meeting to bring the cooperative one more step closer to the green light for the launching of these new investment products.
The cryptocurrency community is always tuned to what is happening in this regard and the end results of these deliberations and decisions will contribute greatly to where cryptocurrencies are heading to as an opportunity in investments.
The closed-door meeting at the SEC on Nov. 2nd matters a lot since it may lay the basis for the first-ever Bitcoin spot ETF to be approved, and this will be an important step that would bring us closer towards the long-awaited recognition of the cryptocurrency by the government.
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