Valkyrie Applies for spot Bitcoin ETF, BTC Price Shoots to $30,000

The U.S. SEC is seeing a flood of applicants to bring the spot Bitcoin Exchange-traded fund (ETF) to the market, and the latest to join the bandwagon are financial giants Valkyrie and Bitwise.

On Wednesday, June 21, Valkyrie filed an S-1 registration form for a spot Bitcoin ETF. They plan to list the fund on the Nasdaq exchange under the ticker of BRRR. Valkyrie has been one of the early participants when it comes to launching Bitcoin derivative products.

Back in October 2021, Valkyrie launched the BTC futures ETF in the U.S. aka the Valkyrie Bitcoin Strategy ETF (BTF). In the December of the same year, the company also launched the Valkyrie Balance Sheet Opportunities (VBB). however, they liquidated VBB in October 2022.

Similarly, Bitwise has also filed a 19b-4 form in order to renew its spot Bitcoin ETF filing. Companies such as Valkyrie, BlackRock, Bitwise, Invesco, and WisdomTree are actively seeking approval for ETFs, all with the common goal of offering investors more accessible and regulated options to engage in the bitcoin market.

These developments highlight the ongoing expansion and maturity of the bitcoin industry, with ETFs emerging as a significant tool for investors who want regulated exposure to bitcoin. However, it’s important to note that in the past the US SEC has rejected several proposals citing lack of consumer protection. But many industry players believe that with BlackRock stepping into the game, things could be different this time around.

Bitcoin Shoots Past $30,000 On ETF Optimism

Ever since BlackRock filed for a spot Bitcoin ETF, Bitcoin has reversed its downward trajectory and has gained more than 20% since then shooting past $30,000. Besides, it has also triggered strong whale activity in the market.

The recent price rally has extended Bitcoin’s market dominance to 50% of the overall crypto market. Along with Bitcoin, other altcoins have also joined the rally. The broader cryptocurrency market has added $118 billion of which Bitcoin has alone contributed $88 billion.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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