Valkyre Updates Bitcoin ETF Proposals To Be Approved By SEC

Valkyre combines Bitcoin and Ethereum ETF futures contracts. (Photo; Doc. Coinpedia)

JAKARTA - Valkyrie, a leading asset management company, has attracted public attention with its bold move to obtain approval from the Bitcoin Exchange Trade Fund (ETF) from the US Securities and Exchange Commission (SEC). This move has the potential to attract investors. The Bitcoin ETF proposed by Valkyre marks an important milestone in the crypto world.

James Seyffart, an analyst from Bloomberg, shared this news on social media platform X, explaining Valkyrie's efforts to meet SEC requirements for his Bitcoin ETF. The updated S-1 form registration statement Valkyrie is designed to provide investors with the opportunity to invest in common shares supported by Bitcoin.

Change of strategy

This change came after the SEC decided to postpone its decision on the Valkyrie Bitcoin Fund in late September. However, Valkyrie has been granted permission to turn his futures Bitcoin ETF into a means of investment by combining Bitcoin and Ether futures contracts into one contract.

For information, this asset management company has started buying Ether's futures contract. This shows Valkyre's readiness to carry out a different strategy.

The move to update the Bitcoininkyrie ETF was also carried out by other leading players in the crypto space, including Bitwise, BlackRock Inc, Fidelity Investments, Grayscale Investments, VanEck, and ARK Invest. Experts in the crypto ETF sector consider this change a positive indication towards approval from regulators.

Although Valkyrie and several other companies have updated their Bitcoin ETF submissions, a number of other companies such as Galaxy Digital, Invesco, Wisdom Tree, Global X, and Hashdex and Franklin Templeton have not updated their Bitcoin ETF submission proposals. This raises questions regarding their strategy going forward in the face of market changes.

In addition, the US Securities and Exchange Commission or the SEC reportedly plans to hold a closed meeting on November 2 tomorrow. The meeting was intended to discuss Grayscale's proposal for the Bitcoin spot ETF following a mandate from the US Court of Appeals to review the decision. It is not yet known whether the SEC's financial market supervisor will approve the Bitcoin ETF filing or reject it.