Valkyrie Amends Spot Bitcoin ETF Application Again: Will SEC Grant Approval Before Deadline?
Portfolio Pulse from Khyathi Dalal
Valkyrie Investments has submitted its fourth amendment to the Spot Bitcoin ETF application, indicating a continuous offering for up to three years from the original offering date. CoinShares has obtained an exclusive option to acquire Valkyrie Funds, and BlackRock has enabled Wall Street banks to indirectly own crypto assets in the spot Bitcoin ETF. The SEC's recent interactions with BlackRock and Fidelity suggest an open dialogue, with market expectations that all ETF applications will be approved simultaneously to prevent a first-mover advantage. Valkyrie's approval deadline is January 10, 2024.
December 14, 2023 | 7:17 pm
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POSITIVE IMPACT
BlackRock has facilitated a way for banks to indirectly own crypto assets in Valkyrie's spot Bitcoin ETF, indicating a proactive stance in the crypto ETF space.
BlackRock's involvement in enabling banks to participate in the spot Bitcoin ETF could be seen as a positive development, potentially attracting more institutional interest and investment in the ETF if approved. This could lead to a positive short-term impact on BlackRock's stock as the market anticipates potential growth in this new product offering.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70