New Contender Emerges: Billion-Dollar Industry Giant Joins Bitcoin ETF Race, Refiles Application – Could This Spark the Next Bull Run?

• Valkyrie Investments, an alternative asset management firm linked to the crypto market, has partnered with BlackRock to refile a Bitcoin ETF application.
• The refiling reveals Coinbase as the surveillance partner, a crucial step in obtaining approval from the US Securities and Exchange Commission (SEC).

In a move that could signal a turning point in the cryptocurrency market, Valkyrie Investments, a firm renowned for its alternative asset management, has joined forces with BlackRock, the world’s largest asset manager, to refile the application for a Bitcoin Exchange Traded Fund (ETF).

Nice piece on this out on this on the terminal from @VildanaHajric pic.twitter.com/CBUJ2RxrHZ

— Eric Balchunas (@EricBalchunas) July 5, 2023

The Rising Tide of Bitcoin ETF Applications

The Bitcoin ETF landscape has been witnessing an array of refinements and refilings, with market leaders like Invesco, VanEck, Fidelity Investments, 21Shares, and WisdomTree already amending their applications. These activities coincide with a surge in Bitcoin’s price, which market analysts attribute to heightened interest from these mainstream financial heavyweights.

Valkyrie Investments, a significant player in the crypto arena that launched a Bitcoin futures ETF in 2021, is the latest to join this wave. This refiling marks the culmination of Bitcoin ETF applications, ending the wait for major Bitcoin ETF contenders.

Bloomberg Reveals Key Partnership with Coinbase

The recent refiling by Valkyrie unveils a pivotal partnership with Coinbase, a leading US-based crypto exchange, according to a Bloomberg report. The application presents Coinbase as the surveillance provider, a requirement set by the US SEC in their evaluation process.

Securing the approval of the SEC could translate into a game-changer for Valkyrie’s Bitcoin ETF, which the filing indicates would list on Nasdaq. Furthermore, the report reveals that Valkyrie entered into a surveillance sharing agreement with Coinbase on June 30, 2023, setting the stage for a potentially groundbreaking development in the crypto landscape.

As Valkyrie and BlackRock venture into this strategic partnership, the crypto community anticipates a shift in the status quo, with this refiling potentially opening the gates to a more robust crypto ecosystem. With Coinbase in the mix, the prospects for a Bitcoin ETF’s approval could be significantly bolstered, setting a potential precedent for future applications.