- The U.S. Securities and Exchange Commission (SEC) has accepted Valkyrie’s Bitcoin Exchange-Traded Fund (ETF) application, marking a significant stride in the acceptance of Bitcoin within the mainstream financial sphere.
- The acceptance of Valkyrie’s ETF application follows the acceptance of other Bitcoin ETF applications from industry heavyweights such as BlackRock, Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21Shares.
The U.S. Securities and Exchange Commission (SEC) continues to demonstrate an evolving stance towards Bitcoin, as evidenced by the recent acceptance of Valkyrie’s Bitcoin Exchange-Traded Fund (ETF) application.
SEC Advances in Bitcoin ETF Review Process
The SEC, in an official filing on July 17, approved a proposed rule change to list and trade Valkyrie’s Bitcoin ETF under the Nasdaq banner. This procedural step launches a 21-day public comment period, providing an opportunity for stakeholders and the general public to share their insights before the SEC embarks on its formal review process.
Bloomberg’s Senior ETF Analyst, Eric Balchunas, broke the news on Twitter, highlighting Valkyrie’s unique position as the last entity to file a Bitcoin ETF application amidst a wave of similar submissions. He underscored Valkyrie’s choice of the ticker “BRRR” for its Nasdaq listing.
The SEC’s acknowledgment of Valkyrie’s application closely follows the acceptance of other Bitcoin ETF submissions from renowned financial organizations including BlackRock, Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21Shares. This growing acceptance sends a clear signal to the market about the regulator’s serious approach towards integrating cryptocurrencies into the mainstream financial landscape.
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Crypto Markets React to ETF News
Market response to these developments has been notably bullish. The SEC’s acceptance of BlackRock’s Bitcoin ETF application spurred a flurry of filings and reinvigorated the Bitcoin market. The world’s largest cryptocurrency once again breached the $30,000 mark, maintaining a position above this threshold as investors keenly await further news on the ETF filings.
Despite a slight dip of 1% in the last 24 hours, Bitcoin is currently trading near the $30,000 level, with a 24-hour low and high of $29,685 and $30,330 respectively. Additionally, the 24-hour trading volume witnessed an increase of 68%, pointing to renewed trader interest.
As this transformative narrative continues to unfold, it’s evident that the SEC’s growing acceptance of Bitcoin ETFs could herald a new era of mainstream crypto adoption.
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