Valkyrie’s BTC ETF Proposal Now on SEC’s Nasdaq Rulemaking List

Valkyrie's BTC ETF Proposal Now on SEC’s Nasdaq Rulemaking List
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Valkyrie’s spot Bitcoin (BTC) Exchange Traded Fund (ETF) proposal with the ticker symbol BRRR has been accepted by the United States Securities and Exchange Commission (SEC) for review

Data from the SEC’s Nasdaq rulemaking list confirms that Valkyrie’s BRRR proposal was added to the official docket on Monday, July 17th. Currently, Valkyrie’s spot Bitcoin ETF proposal is open for public consultation which will last for 21 days.

During this time, the public is permitted to drop their comments and feedback on the proposal. The 21 days comment period will end by Monday, August 7th. Valkyrie’s spot BTC ETF proposal is the second listing to be considered by the U.S. regulator after that of BlackRock. 

Refiled BTC ETF Applications Adopts SSA

Just after the SEC indicated its dissatisfaction over the previously submitted BTC ETF applications claiming that they were “sufficiently clear and comprehensive,” Nasdaq resubmitted an amended application for iShares Bitcoin Trust, a spot Bitcoin (BTC) ETF led by BlackRock. 

Refiled BTC ETF Applications Adopts SSA

The SEC hinted that surveillance arrangements could work in applicants’ favor for regulatory approval. Hence, in the new filing, American cryptocurrency exchange and publicly traded company Coinbase was designated as the surveillance-sharing agreement (SSA) partner

Noteworthy, having an SSA enhances security and ensures public safety by sharing information related to market surveillance. In the case of Nasdaq and Coinbase, it is expected to be a bilateral agreement that supplements the exchange’s market surveillance program. On Thursday, July 13th, the SEC finally published BlackRock’s spot Bitcoin ETF application making it the first in the long list of new proposals. 

Nasdaq Resubmits Valkyrie’s Spot BTC ETF Proposal

Matthew DeLesDernier, SEC Deputy Secretary confirmed that Nasdaq also resubmitted a proposed rule change for Valkyrie only a few hours after BlackRock’s. Information about an SSA agreement was equally added to the new filing.

Valkyrie had earlier indicated an interest in a spot BTC ETF since January 2021 when it proposed the listing of its Bitcoin Trust on the New York Stock Exchange. Just like other investment management firms that submitted an application for the same offering at the time, the SEC rejected the filing citing several discrepancies. However, Valkyrie still got to launch a futures-based BTC ETF a few months after.


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