Valkyrie’s Bitcoin exchange-traded fund proposal has been accepted by the SEC for official review.
The proposal entered the official docket on July 17, as per data from the SEC’s Nasdaq rulemaking list.
Last in the batch
Following the recent publication of BlackRock’s spot Bitcoin exchange-traded fund (ETF) proposal on July 13, Valkyrie’s listing on the docket marks the last in the batch under consideration by the U.S Securities Exchange Commission (SEC).
The proposed fund, symbolized as “BRRR,” takes inspiration from a widely recognized meme within the Bitcoin community. If approved, the fund would be traded under this distinctive ticker, adding a touch of humor and familiarity for Bitcoin enthusiasts.
What’s in the meme?
For those new to the crypto game, the Brrr meme emerged in early 2020 under “Haha Money Printer Go Brrr.” The meme quickly gained traction, depicting a younger individual expressing outrage towards an older Federal Reserve executive engaged in money printing.
This meme served as a satirical commentary on the U.S. Federal Reserve’s response to the COVID-19 pandemic, particularly their decision to inject a staggering $1.5 trillion into the economy. The Valkyrie Bitcoin spot ETF effectively points back to this meme.
If approved, the trust will exclusively hold Bitcoin (BTC) and periodically offer baskets in exchange for Bitcoin deposits, as well as distribute Bitcoins when redeeming these baskets.
This announcement leads to the next step in the approval process, which is public feedback.
Now, until August 7, the public can comment on the proposal within 21 days. During this time, the SEC still maintains full authority to approve or disapprove the rule change within 45 days from the notice’s publication in the Federal Register or, in some circumstances, up to 90 days.
The clock is ticking
With the listing of all eight applicants on the Federal Register, the countdown for U.S. SEC approval of spot Bitcoin ETF applications is underway.
The applicants, which now include the Valkyrie Bitcoin Strategy ETF, are BlackRock’s iShares ETF filed on Nasdaq, Bitwise’s Bitcoin ETP Trust filed on NYSE Arca, and six others submitted to the Chicago Board Options Exchange (Cboe): Fidelity’s Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Strategy ETF, Invesco Galaxy Bitcoin ETF, ProShares Bitcoin Strategy ETF.
Although there is no certainty regarding the approval of the applications by the SEC, the submission made by industry leader BlackRock, a firm that has undercut all arguments about the asset according to the Financial Times, has sparked speculation that the likelihood of obtaining permission may be higher.