Valkyrie Refiles Bitcoin ETF Application Amid Crypto Optimism
Portfolio Pulse from Murtuza Merchant
Valkyrie has resubmitted an application for a Bitcoin ETF after the SEC deemed the initial documents inadequate. The firm revealed that Coinbase Global Inc. would offer market surveillance for its proposed Bitcoin fund. The documents also reveal that Nasdaq, where Valkyrie plans to list if approved, had executed a term sheet with Coinbase. This follows BlackRock's filing for a similar ETF in mid-June, which triggered a rush among other issuers to file similar applications and ignited a broader rally for cryptocurrencies.
July 05, 2023 | 7:24 pm
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NEUTRAL IMPACT
BlackRock's filing for a similar Bitcoin ETF has triggered a rush among other issuers to file similar applications, potentially increasing competition.
BlackRock's move has triggered a rush among other issuers to file similar applications, potentially increasing competition. However, it's unclear how this will impact BlackRock's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Valkyrie's Bitcoin ETF, which trades under the ticker BTF, could see increased attention following the refiling of its application.
The refiling of Valkyrie's Bitcoin ETF application could draw increased attention to the ETF, potentially leading to a positive impact on its price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Coinbase Global Inc. will provide market surveillance for Valkyrie's proposed Bitcoin ETF. This partnership could increase Coinbase's visibility and relevance in the ETF market.
Coinbase's partnership with Valkyrie for the proposed Bitcoin ETF could increase its visibility and relevance in the ETF market, potentially leading to a positive impact on its stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80