- Valkyrie is the latest financial services firm to file securities registration for a Spot Bitcoin ETF with the SEC, joining other major firms in recent filings.
- The timing of the recent batch of ETF filings has raised optimism that approvals could come soon, with the SEC required to decide by mid-January.
- Factors like the SEC meeting with exchanges, rising investor demand, and increasing crypto familiarity have created the most favorable environment yet for Bitcoin ETF approval.
The long and winding road towards a Spot Bitcoin exchange-traded fund (ETF) being approved in the United States may finally be coming to an end. Valkyrie, a financial services firm, has become the latest company to file a securities registration with the Securities and Exchange Commission (SEC) for a Spot Bitcoin ETF.
Recent Filings Signal Optimism
Valkyrie filed the registration on January 4th, 2024, joining other major firms like Fidelity, Grayscale, and VanEck in submitting paperwork in recent days. Over a dozen companies have active filings for a Bitcoin ETF, but repeated rejections by the SEC have prevented any approvals thus far.
The timing of this recent batch of filings has raised hopes that the regulatory environment may have shifted. With the SEC required to make a decision on the various Bitcoin ETF applications by mid-January, many believe approvals could come as early as January 8th.
Additional Tailwinds Supporting Bitcoin ETF Approval
The outlook for Bitcoin ETFs is the most favorable it has been to date thanks to a confluence of supporting factors.
Earlier in the week, the SEC met with major exchanges like Nasdaq and NYSE to discuss their proposals. The willingness to meet suggests an openness to getting a product to market.
Investor demand also continues to rise as familiarity with cryptocurrency grows. Major financial institutions like Goldman Sachs are already angling to play a key role in the ETF ecosystem by serving as an Authorized Participant for issuers like Grayscale and BlackRock.
Valkyrie Well Positioned Among Crowded Field
Valkyrie brings expertise in ETFs and digital assets to its filing. The firm already offers investors exposure to crypto through funds holding Bitcoin miners and decentralized finance tokens.
While the final slate of approvals remains uncertain, Valkyrie appears well positioned as a frontrunner among the myriad of hopeful issuers. Regardless of the specific recipients, the approval of the first Spot Bitcoin ETFs would mark a major milestone for cryptocurrency adoption in the institutional investment world. The long wait may soon be over.
