Valkyrie Bitcoin Fund in a recent filing named Coinbase as surveillance partner.
Valkyrie has resubmitted its spot Bitcoin ETF application following the US Securities and Exchange Commission’s (SEC) claims that the applications from the traditional investment management companies were unclear and not comprehensive.
This comes 2 days after BlackRock also refiled its application.
Valkyrie will list on Nasdaq
As the race to become the first spot Bitcoin ETF continues, fund manager, Valkyrie, has refiled its application with a new provision that includes Coinbase as a “surveillance-sharing agreement” partner.
In an earlier filing on July 3, the Nasdaq stock exchange reapplied for a proposed rule change allowing the listing of a spot Bitcoin ETF for the Valkyrie Bitcoin Fund. A June 30 term sheet revealed details of an agreement with Coinbase to give Nasdaq access to data that relates to spot Bitcoin trades.
If the application to the SEC is granted, Valkyrie will list on Nasdaq.
The new filing follows a series of refiling by similar firms over the past 7 days. BlackRock, Invesco, VanEck, and Fidelity have earlier been reported to have resubmitted after the SEC faulted earlier filings, hinting that surveillance sharing could help speed up approval.
Valkyrie going strong in the race
While Valkyrie Investments’ latest attempt at filing a spot Bitcoin ETF was in June, the firm has been in the race since 2021.
While Valkyrie has successfully introduced a Bitcoin futures trading linked to ETF, the SEC hasn’t granted any spot Bitcoin ETF.
This new filing attempt leans on the prospect that the SEC will consider the commitments of the TradFi firms to transparency and grant the permission for them to launch.
Since a decade ago, companies have worked to launch a Bitcoin spot ETF in the United States. Well-known crypto executives like Circle CEO Jeremy Allaire anticipate that a regulatory nod is close as a result of BlackRock pounding on the SEC’s door.
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