Valkyrie Funds Takes Steps to Sweeten Its Bitcoin ETF Bid

In a recent development, Valkyrie Funds has taken steps to bolster its chances of receiving approval from the U.S. Securities and Exchange Commission (SEC) for a Bitcoin Exchange-Traded Fund (ETF). This move is in line with a growing trend among investors eagerly awaiting the green light from the SEC for the first wave of cryptocurrency spot ETFs.

Revised Application

Valkyrie Funds has filed an updated amendment prospectus for a Bitcoin spot ETF, adding to the growing number of filings investors await clearance from the SEC for the first batch of crypto spot ETFs. James Seyffart, a well-known Bloomberg analyst, shared a post on X (Twitter) revealing that asset management firm Valkyrie has updated its spot Bitcoin ETF as per the requirements of the U.S. SEC, similar to amendments by other spot Bitcoin ETF applicants.

Also Read: Valkyrie’s Bold Strategy: Welcome the First Bitcoin + Ether ETF

SEC Meeting Nears

The US Securities and Exchange Commission (SEC) is planning for a closed-door meeting to potentially discuss Grayscale’s application for a spot Bitcoin ETF, following the U.S. Court of Appeals’ mandate to revisit the decision. The meeting is expected to be pivotal. This might be the major reason why Valkyrie submitted their updated spot BTF application.

Scott Johnsson shared the latest from the SEC, saying, “November 2: I believe this is the first closed meeting of the Commissioners since the Grayscale appeal deadline expired and the mandate was delivered. The agenda includes resolving litigation claims and administrative proceedings. There were leaks out of the closed meeting ahead of the BITCO launch.”

Agenda and Deadlines to Note

The SEC’s notice for the November 2, 2023, meeting also listed other subjects, including the institution and settlement of administrative proceedings and the resolution of litigation claims. The October 13, 2023, deadline has already set the stage for a time-bound approval process for the US’s first-ever spot Bitcoin ETF approval.

Read More: Bitcoin ETF Watch: SEC Meeting Could Bring Big News on November 2!

In summary, the SEC’s closed-door meeting on November 2 and Valkyrie Funds’ updated amendment prospectus for its Bitcoin spot ETF demonstrate the emotions among the crypto industry over the approval of the Bitcoin spot ETF. The outcome of these discussions and decisions will have a significant impact on the future of cryptocurrency investments.