The U.S. Securities and Exchange Commission (SEC) has accepted Valkyrie’s spot Bitcoin ETF application for review. The fund will trade under the name “BRRR,” a popular meme in the Bitcoin community.
The U.S. Securities and Exchange Commission has accepted Valkyrie’s Bitcoin exchange-traded fund (ETF) proposal for formal review.
The proposal was placed on the official agenda on July 17, according to the SEC’s Nasdaq rulemaking list.
Valkyrie’s listing is the second spot Bitcoin ETF proposal considered by the SEC, coming just days after the SEC released BlackRock’s proposal on July 13.
The filing is Valkyrie’s second attempt to launch a spot Bitcoin ETF in the U.S. The family investment fund previously proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. Facing regulatory resistance from the SEC, Valkyrie was still able to launch a futures-based Bitcoin ETF in October 2021.
In an accompanying notice, SEC Deputy Secretary Matthew DeLesDernier mentioned that Nasdaq had resubmitted its proposed rule change application to allow Valkyrie to list a spot Bitcoin ETF on July 3.
“The Trust will hold only Bitcoin and will issue Baskets from time to time in exchange for Bitcoin deposits and distribute Bitcoin upon redemption of Baskets,” DeLesDernier noted in the statement.
The public can submit feedback on the proposal during the 21-day comment period or until Aug. 7. However, the SEC still has up to 45 days from the date of publication of the notice in the Federal Register, or longer, up to 90 days, to approve or disapprove the rule change, DeLesDernier wrote.
Valkyrie’s latest Bitcoin ETF proposal was filed in late June 2023, amid optimism surrounding BlackRock’s spot BTC ETF application. Valkyrie proposed listing the ETF under the ticker “BRRR,” referencing a popular Bitcoin community meme representing the voice of money printing.
Adding to the new optimism about spot Bitcoin ETFs, BlackRock re-applied for a spot Bitcoin ETF on June 29. Previously, ARK Investment Management also submitted an application for a spot Bitcoin ETF in April, which was its third attempt to get approval from the U.S. Securities and Exchange Commission.