[2021-01-23] Valkyrie Digital Assets Files for Bitcoin ETF

[freedomno1]

Valkyrie Digital Assets filed an application on Friday for a bitcoin exchange-traded fund (ETF), the second such filing in the last 30 days.
https://www.sec.gov/Archives/edgar/data/1841175/000138713121001118/valkyrie-s1_012221.htm

The Valkyrie Bitcoin Fund would be listed on the New York Stock Exchange and Coinbase Custody Trust Company, LLC, would serve as the custodian for the proposed ETF, according to Dallas-registered Valkyrie Investments, the parent of Valkyrie Digital Assets.

Leah Wald, CEO of Valkyrie Investments, told CoinDesk, “Our executive team has previously launched multiple ETFs, publicly traded funds and ETPs [exchange-traded products], including bitcoin funds.”


At the end of December, VanEck re-submitted an application to the U.S. Securities and Exchange Commission for a VanEck Bitcoin Trust ETF.
https://www.sec.gov/Archives/edgar/data/1838028/000093041320002664/c100811_s1.htm

While an ETF is seen as advantageous because it trades on the stock market in much the same way as shares in popular companies such as Apple and Microsoft, over the years the SEC has rejected bitcoin ETF proposals due to concerns about market volatility and industry manipulation.

In October 2020, then-Chairman Jay Clayton, who many saw as lukewarm toward crypto, said the agency was still open to considering ETF proposals.

Now, with a new administration causing a changing of the guard at the SEC, it is widely hoped by crypto advocates that such an ETF will be approved in 2021. Clayton stepped down officially last month and is expected to be replaced by Gary Gensler, who is widely seen as being more pro-crypto than is his predecessor.

Also adding to optimism is this month’s departure of Dalia Blass, the director of the SEC’s division of investment management. Blass was the author of a 2018 letter within the SEC expressing concerns the bitcoin market was not large enough or liquid enough to be ready for an exchange-traded product.

https://finance.yahoo.com/news/valkyrie-digital-assets-files-bitcoin-161712060.html
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This would be a first for the US
In Canada 3IQ already launched two tradable crypto stocks the question is who will win a Gensler or a Yellen
Q.BTC and Q.Eth
https://3iq.ca/the-bitcoin-fund/
https://3iq.ca/the-ether-fund/


https://ca.finance.yahoo.com/quote/QETH-U.TO/
https://ca.finance.yahoo.com/quote/QBTC-U.TO

[Daltonik]

SEC Postpones Decision on Valkyrie Digital Assets ' Bid to Launch Bitcoin ETF. In a statement on Tuesday, the SEC said it had extended the 45-day window for making a decision, which was due to expire on June 26. The SEC has set August 10 as a revised decision date for the Valkyrie bitcoin fund.  https://www.sec.gov/rules/sro/nysearca/2021/34-92233.pdf

[Daltonik]

Valkyrie Investments raised $10 million in a Series A funding round with the participation of a wide range of investors, including the founder of the Tron project, Justin Sun, ex-baseball star CJ Wilson, Precept Capital Management, XBTO, 10X Capital and UTXO Management, as well as the founder of Litecoin, Charlie Lee. https://www.prnewswire.com/news-releases/crypto-asset-manager-valkyrie-investments-announces-series-a-fundraise-301323050.html

[Daltonik]

As it became known, the SEC rejected an application from Valkyrie Investments to launch a bitcoin ETF based on futures traded on CME using 1.25x leverage. The SEC made the decision the day after filing the application. The offer also included investments in swaps, options and forwards.

[Daltonik]

On February 7, the SEC finally approved the Valkyrie Capital ETF for bitcoin mining, focused on renewable energy (Argo, Bitfarms, Cleanspark, Hive blockchain and Stronghold digital mining), and on Tuesday, February 8, it will go live on Nasdaq under the ticker WGMI.
https://decrypt.co/92309/sec-approves-valkyrie-bitcoin-mining-etf-nasdaq