Tuesday, May 17, 2022

US SEC delays its decision on Valkyrie Bitcoin ETF to 2022.

The Takeaway:

The US Securities and Exchange Commission has again pushed back its decision on the Valkyrie Bitcoin Fund to January 2022.

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The US SEC has once again delayed the deadline for a decision on the proposed Valkyrie Bitcoin ETF to January 7, 2022. “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comment letters that have been submitted,” the SEC said in a statement


SEC continues to delay its decision on bitcoin ETF. 

This is not the first time the Valkyrie Bitcoin Fund has faced a delay in the SEC’s approval period, which was most recently delayed in June of this year. Financial services firm Valkyrie Funds LLC is at the crux of the United States’ recent pivot to Bitcoin exchange-traded funds (ETFs), having gained approval for its Bitcoin futures ETF—the Valkyrie Bitcoin Strategy ETF—after the ProShares and VanEck futures ETFs first gained approval with the SEC. However, the Valkyrie Bitcoin Fund is a Bitcoin spot ETF. It faces a different approval procedure from the SEC and a different regulatory challenge. 


The Valkyrie Bitcoin Fund is the company’s Bitcoin spot ETF. 

The Valkyrie Bitcoin Fund is the company’s Bitcoin spot ETF, meaning the fund gives customers shares backed by the underlying asset— Bitcoin. That is fundamentally different from futures ETFs like the Valkyrie Bitcoin Strategy ETF, which gives customers shares tied to a bundle of contracts to buy Bitcoin in the future. Given the difference between the two, the Valkyrie Bitcoin Fund is facing a different road to potential approval than its futures counterpart. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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