Another Bitcoin Exchange-Traded Fund (ETF) proposal has received formal approval from the U.S. Securities and Exchange Commission (SEC), which is positive news for the cryptocurrency. This time, Valkyrie’s Bitcoin ETF, the final of several recent submissions, receives recognition.
In the current round, Valkyrie is notable as the only candidate who has chosen a ticker symbol for its ETF:BRRR.
In a recent modification to its Bitcoin Fund prospectus, Valkyrie switched its exchange to Nasdaq.
By making this choice, they join forces with BlackRock, another significant financial industry participant.
According to U.Today, the SEC is now reviewing a number of fresh applications for Bitcoin ETFs. A pivotal period in the history of the digital currency is being marked by this surge of interest from top companies. With a number of large companies, including BlackRock, VanEck, Invesco/Galaxy Digital, Fidelity, and WisdomTree, competing for ETF certification, Bitcoin is on the verge of growing in popularity and maybe becoming widely accepted.
The SEC’s approval of Valkyrie’s Bitcoin ETF appears to be a step in the right direction for Bitcoin ETFs, inspiring hope throughout the cryptocurrency sector.
For a number of reasons, the prospective approval of a spot ETF might be interpreted as a bullish indication for bitcoin. A spot ETF would buy and hold actual Bitcoin, and its price would be determined by the price at which Bitcoin is currently trading (also known as the “spot” price”). A regulatory authority like the SEC endorsing a Bitcoin spot ETF would be a powerful symbol of the cryptocurrency’s acceptability and validity. Furthermore, the permission would probably result in a fresh inflow of money into the Bitcoin market.
