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- Valkyrie Digital Assets is the latest in a long line of companies to begin the process of launching a Bitcoin ETF
- The NYSE has filed for listing its stocks but can only move forward after receiving a green light from the SEC.
Data from messari.io shows that though Bitcoins may have had a bullish run in the past, they are also vulnerable to market insecurities and risks, which is only compounded by their lack of regulation in several parts of the globe. But exchange-traded funds provide a way out of this conundrum. CoinDesk has recently reported that the NYSE plans to list Valkyrie’s new Bitcoin ETF shares on its exchange.
Filed for SEC’s review
Valkyrie Digital Assets, headquartered in Dallas, is a company that provides crypto asset management to customers. Recently, it has decided to launch a Bitcoin ETF as it provides some insulation against market risks of trading in actual cryptos. According to CoinDesk, the New York Stock Exchange (NYSE) has filed a 19-B form for Valkyrie, which will enable the exchange to list shares of the ETF once Valkyrie obtains regulatory approval from the SEC.
Long review process
Obtaining permission to trade in ETF securities is not an easy task as it has several layers of inspection and reviews before it can become a reality. It would take about 45 days for the SEC to review the application and give its final verdict. According to Yahoo news, there are already eight applications actively under review by the SEC for launching an ETF, most notably by WisdomTree and Kryptoin Investments. Investopedia reports that the SEC did not approve any application related to ETFs since 2014. However, companies are positive that things would look more optimistic with Gary Gensler as the Chairman. Data from Wikipedia show that Gensler teaches on blockchain technology at MIT, leading many to believe that he may be amenable to the cause.
Bitcoin News had also reported that Valkyrie had earlier launched a Bitcoin Trust at the start of the financial year, presumably to set the stage for an impending ETF filing. The CIO of Valkyrie, Steven McClurg, had stated that this was a dream come true as he had waited five years for this opportunity.
It remains to be seen if the SEC approves the ETF filing within 45 days and NYSE can finally list Valkyrie’s ETF stocks on its exchange.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
