Bitcoin Price Could Hit $100K by Thanksgiving if Bulls Hold Key Level
BTC is stabilising after reaching new all-time highs, but price analysis indicates that bulls must avoid overlooking key support levels.
Digital asset management firm Valkyrie Investments has recently taken a step forward in the pursuit of launching a spot Bitcoin exchange-traded fund (ETF) by amending its application with the United States Securities and Exchange Commission (SEC). The updated filing for the Valkyrie Bitcoin Fund aims to provide investors with the opportunity to invest in common shares backed by Bitcoin.
These shares represent fractional ownership of the trust. If the ETF is approved by the SEC, the Valkyrie shares are expected to be listed and traded on the Nasdaq Stock Market under the ticker symbol “BRRR.” It’s important to note that the information provided in the prospectus is not finalised and may be subject to changes. The firm is not authorised to offer BRRR securities until the registration statement becomes effective.
The ongoing race for the spot in Bitcoin ETF
The move by Valkyrie Investments to amend its spot Bitcoin ETF filing follows a delay by the SEC in late September, which postponed its decision on the Valkyrie Bitcoin Fund. The firm’s decision to provide an updated application aligns with the ongoing trend in the industry, as other major players like Bitwise, BlackRock, Fidelity, Grayscale, VanEck, and ARK Invest have all recently made similar amendments to their spot Bitcoin ETF filings.
While many firms are actively pursuing Bitcoin ETFs, some prominent players have yet to make any recent updates to their filings. Notable among them are WisdomTree, Invesco, Galaxy, Global X, Hashdex, and Franklin Templeton, who have not filed any updates to their known spot Bitcoin ETF applications.
UPDATE: @ValkyrieFunds joins the prospectus amendment train for their spot #Bitcoin ETF. Things still moving behind the scenes. pic.twitter.com/z5WAvZtFwE
— James Seyffart (@JSeyff) October 30, 2023
According to crypto ETF analysts including James Seyffart, these continued amendments could be interpreted as a positive signal of progress toward obtaining regulatory approval for Bitcoin ETFs.
The SEC is currently reviewing between eight and ten potential spot Bitcoin ETF filings, according to comments made by SEC Chairman Gary Gensler in late October. The agency’s review process reflects the broader interest and anticipation surrounding the approval of these ETFs, which are seen as a key development in the maturation of the cryptocurrency market.