Resume:
- Valkyrie resubmitted its application for a spot Bitcoin ETF to the SEC according to a 19b-4 filing seen Wednesday.
- The asset manager joins other Wall Street titans like BlackRock and Fidelity in filing a second filing after the SEC responded.
- Valkyrie, like other asset managers, is naming Coinbase as a partner for the controversial surveillance sharing agreement designed to crack down on market manipulation.
Trillion dollar asset manager Valkyrie Digital Assets submitted another filing for a spot Bitcoin ETF after the US Securities and Exchange Commission rejected previous attempts, saying the filings did not address concerns about market manipulation or meet regulatory requirements.
Valkyrie’s 19b-4 filing with the SEC names crypto exchange Coinbase as a partner for a controversial surveillance sharing agreement. Notably, other issuers such as BlackRock and Fidelity also named Coinbase as their monitoring partners, despite a pending lawsuit against the stock exchange of America’s largest securities regulator.
The asset manager advocated choosing Coinbase as its partner, noting that Nasqad has previously produced a term sheet listing the crypto exchange as the largest virtual currency trading venue in the US.
If approved by the SEC, Valkyrie could boast three separate exchange-traded funds tied to Bitcoin. In May 2022, the SEC approved Valkyrie’s Bitcoin futures ETF application that allows the company to offer two ETFs to investors.
Find Bitcoin ETF Wars
Valkyrie is the latest Wall Street firm to enter the Bitcoin ETF frenzy as issuers scramble to be first to market. Spot Bitcoin ETF allows issuers to offer a fund that invests directly in Bitcoin.
BlackRock, Fidelity, 21 Shares/ARK Invest, Bitwise, WisdomTree, Invesco, VanECK and Valkyrie have all filed for spot Bitcoin ETFs with the SEC, confirmed Bloomberg analyst James Seyffart. BlackRock’s filing on June 15 seemed to spark a wave of applications. The filing also reportedly helped Bitcoin price move above 30,000.
Since BlackRock’s filing, Grayscale’s GBTC shares are up 57% and the net asset value (NAV) discount is down about 30%, according to data from The Block.
