Bitcoin
$ 44,415
Ethereum
$ 3,092.0
Litecoin
$ 161.21
okex ads

Crypto ETF Race Is on with More Participants Joining In

On 22nd Jan, Valkyrie applied for a bitcoin exchange-traded fund (ETF), the second such filing in the last 30 days.

Valkyrie’s Goal

Valkyrie Digital Assets, the crypto subsidiary of Valkyrie Investments,filed for an ETF with the US Securities and Exchange Commission.

The move may give seasoned investors flashbacks to 2018. The Texas-based family investment fund recommended listing the Valkyrie Bitcoin Trust on the New York Stock Exchange; however, the filing did not include a possible trading ticker.

According to the firm’s proposal, Valkyrie would trade on NYSE Arca, equipping investors with an efficient way to implement various investment strategies. The funds would be confined in cold storage, andXapo would have custody of the Bitcoin.

Bitcoin ETF Race

After the filing was public, crypto proponents discussed the new ETF entry on social media. For example, the crypto CFA James Seyffart talked about Valkyrie’s ETF registration, telling his 3,800 Twitter followers he expects a bitcoin ETF approval this year.

Seyffart added that there’s another entrant into the Bitcoin ETF Race.

 

He further wrote that the Bitcoin ETF race’s current state with a new late entrant displayed a couple of companies filing for an exchange-traded fund.

Seyffart further spoke about how crucial it was to note that No 19b-4’s have been filed as far as he could tell: the filings that start that 240-day clock for the SEC to make a decision.

 

Valkyrie is the second firm to apply for a Bitcoin ETF after VanEck resubmitted its application last month.

Vaneck filed for another exchange-traded fund called the Digital Asset ETF, which intends to hold equity in institutions that get revenue from cryptocurrency services.

Canadian investment fund manager Arxnovum Investments also filed for a bitcoin-based ETF with Canada’s Ontario Securities Commission.

Considering ETF proposals

An ETF could bring new money into the crypto market, increasing demand and, with any luck, Bitcoin’s price. Though applications for BTC ETFs have so far been unsuccessful, a new administration could change attitudes.

Many industries are yet again lining up to offer crypto ETFs, but will the SEC overcome its historical reticence? An ETF is viewed as beneficial because it trades on the stock market in much the same way as shares in popular companies like Apple and Microsoft.

However, for a couple of years, the US Securities and Exchange Commission (SEC) has rejected bitcoin ETF proposals due to market volatility and industry manipulation concerns.

In August 2018, the SEC rejected nine such proposals on the same day. However, the SEC could be viewing it differently because in October 2020, then-Chairman Jay Clayton, who many saw as lukewarm toward crypto, said the agency was still open to considering ETF proposals.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Kentucky becomes 4th US State to act against crypto lender celsius
September 24, 2021By
Animoca Brands uses Blockpass’ On-chain KYC(TM) to verify NFT prize winners
September 24, 2021By
Derivatives data favors Ethereum bulls even with this week’s crash below $3K
September 24, 2021By

Advertisement

Video Posts

In
Impact Of Technology On 4.0
July 6, 20210
In
Importance Of Cryptography
July 3, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin44,415 0.39 % 1.05 % 7.24 %
Ethereum3,092.0 0.47 % 0.80 % 13.47 %
Cardano2.280 0.01 % 0.79 % 6.14 %
Tether1.000 0.44 % 0.39 % 0.29 %
Binance Coin375.06 0.17 % 1.16 % 11.74 %
XRP0.9796 0.15 % 1.98 % 10.21 %
Solana143.97 0.50 % 2.27 % 5.25 %
Polkadot32.52 1.60 % 2.77 % 8.51 %
USD Coin1.000 0.20 % 0.27 % 0.15 %
Dogecoin0.2216 0.18 % 1.18 % 8.67 %

You have not selected any currencies to display