Valkyrie’s Spot Bitcoin ETF, ‘BRRR,’ Listed for SEC’s Nasdaq Rulemaking

Valkyrie’s Bitcoin exchange-traded fund (ETF) proposal, known as “BRRR,” has been added to the Securities and Exchange Commission’s (SEC) Nasdaq rulemaking list for official review.

The SEC’s official docket on July 17 confirmed that Valkyrie’s spot Bitcoin ETF proposal has entered the regulatory review process. This comes shortly after the SEC published BlackRock’s spot Bitcoin ETF proposal on July 13, making Valkyrie the second spot Bitcoin ETF proposal under consideration.

Valkyrie’s current filing marks its second attempt to launch a spot Bitcoin ETF in the United States. The initial proposal for the Valkyrie Bitcoin Trust was made in January 2021 for listing on the New York Stock Exchange. However, due to regulatory concerns raised by the SEC, Valkyrie successfully launched a futures-based Bitcoin ETF in October 2021.

The notice attached to the filing mentions that Nasdaq submitted a proposed rule change to permit the listing of Valkyrie’s spot Bitcoin ETF on July 3. The trust associated with the ETF would hold only Bitcoin and issue or distribute baskets of Bitcoin based on deposits and redemptions, as stated by Matthew DeLesDernier, the deputy secretary of the SEC.

During the 21-day comment period, which extends until August 7, the public has the opportunity to provide feedback on Valkyrie’s spot Bitcoin ETF proposal. The SEC will then have up to 45 days from the notice’s publication in the Federal Register, with the possibility of a longer period of up to 90 days, to approve or disapprove the proposed rule change.

Valkyrie’s latest Bitcoin ETF proposal was filed in late June 2023, coinciding with the renewed optimism surrounding BlackRock’s spot BTC ETF filing. Valkyrie’s proposed ETF would carry the ticker symbol “BRRR,” a playful reference to a popular Bitcoin community meme symbolizing the sound of money printing.

The growing interest in spot Bitcoin ETFs has also been evident with BlackRock refiling its spot BTC ETF proposal on June 29. Previously, ARK Investment Management made an application for a spot Bitcoin ETF in April, marking its third attempt to gain SEC approval for such a product.

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