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Valkyrie Digital Assets is close to launch its Bitcoin exchange-traded fund (ETF).
On behalf of the investment firm, the New York Stock Exchange has filed a 19B-4 Form for its Bitcoin ETF this Friday. This means a 45 day review period is about to start from the moment the U.S. Securities and Exchange Commission (SEC) acknowledges the filing. The SEC can either approve, disapprove the application or extend the review period.
The SEC has so far rejected every bitcoin ETF application. There have been some concerns previously that the Bitcoin market was too small and did not have enough liquidity to safely offer an ETF product. However, with currently a $1 trillion market cap and new SEC Chair Gary Gensler in the lead, many are expecting an opening. Gensler is considered pro crypto and used to be chairman at the Commodity Futures Trading Commission (CFTC) and in recent years has taught crypto and blockchain courses at MIT.
Steven McClurg, Chief Investment Officer of Valkyrie Investments said:
“This is something that I’ve wanted to do for five years now. It wasn’t until recently that I believed that the SEC would probably approve a bitcoin ETF. So we started working on that in earnest probably in August.”
There have been several firms this year that applied for a Bitcoin ETF.
Earlier in March, Goldman Sachs and and Fidelity Investment moved in on ETF’s and filed their applications with the SEC. VanEck also submitted their 19B-4 form to have their ETF listed on the Chicago Board Options Exchange. The SEC should soon come with possible ‘white smoke’ in regards to all three applications .