The list of institutions applying for Bitcoin spot ETF is getting longer and longer.
Valkyrie, the cryptocurrency fund manager, has submitted an application for Bitcoin spot exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC).
The recent surge of applications for Bitcoin spot ETFs from numerous financial entities has sparked Valkyrie's decision to follow suit.
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Valkyrie submitted its S-1 registration form to the SEC on June 21st, marking its official bid to establish a Bitcoin spot ETF. Within the application, the firm signaled its intent to list the proposed fund on the Nasdaq exchange using the ticker BRRR.
Valkyrie is no stranger to Bitcoin futures ETFs, having considerable experience in launching and managing such funds. In October 2021, it introduced the Valkyrie Bitcoin Strategy ETF (BTF), making it the second-ever Bitcoin futures ETF in the US market.
Two months later, in December 2021, the company launched the Valkyrie Balance Sheet Opportunities (VBB), which was liquidated after less than a year. Additionally, the company operates the Valkyrie Bitcoin Miners ETF (WGMI), which follows the performance of companies generating their profits or revenue from Bitcoin mining.
However, the Bitcoin spot ETF filing is not the first for Valkyrie this year. On May 16th, the company submitted another application for a Bitcoin futures ETF, dubbed the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD). Unlike the company's Bitcoin spot ETF proposal, which is planned to be a trust, BTFD is set to be structured as a fund.
With the application, Valkyrie joins a group of investment institutions that are eager to list Bitcoin spot ETF. BlackRock applied to list a Bitcoin spot ETF on Nasdaq as a trust on June 15th. Following closely, WisdomTree and Invesco put forward comparable applications on June 20th. Additionally, rumors are circulating about Fidelity's possible application for a Bitcoin spot ETF.
Amid this flurry of applications, Bitcoin's price is witnessing a sharp climb, with a significant increase of almost 5% in the last 24 hours and a weekly increase of nearly 21%.
The wave of applications for Bitcoin spot ETFs signifies growing confidence within financial institutions about the potential and legitimacy of Bitcoin. As Valkyrie joins the fray, it remains to be seen how the SEC will respond to this growing demand.
