Written by Hazel J. Greene, Senior Analyst

The United States Securities and Exchange Commission (SEC) has officially acknowledged the application of Valkyrie’s spot Bitcoin ETF, marking a significant step in the process of approving a Spot BTC ETF in the country. The acceptance now paves the way for public scrutiny and invites valuable feedback from investors and stakeholders.

Valkyrie submitted its proposal to list and trade its spot Bitcoin ETF under Nasdaq on July 17. With the SEC’s acceptance of the proposed rule change, a 21-day public comment period has been initiated. During this time, market participants have the opportunity to provide their insights and perspectives on the proposed ETF.

Renowned ETF analyst Eric Balchunas of Bloomberg confirmed the acceptance of Valkyrie’s ETF application, highlighting that it is among the final applicants amongst a wave of other Bitcoin ETF filings. He also revealed on Twitter the chosen ticker for Valkyrie’s Bitcoin ETF on the Nasdaq exchange as “BRRR.”

The SEC’s acceptance of Valkyrie’s ETF application holds significant implications, given the regulatory body’s typically stringent approach to approving asset-backed ETFs. In this nascent financial realm, the importance of public consensus cannot be understated, underscoring the significance of this development.

Valkyrie’s application is one among several spot Bitcoin ETF filings accepted by the SEC, signaling a growing trend in the industry. Prominent financial giants, including BlackRock, Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21Shares, have all filed for spot Bitcoin ETFs. This widespread acceptance suggests that the regulatory body may be seriously considering the launch of a Spot Bitcoin ETF, potentially revolutionizing the cryptocurrency market.

The Bitcoin price has experienced volatility in recent times, with notable fluctuations following BlackRock’s spot Bitcoin ETF filing. The filing triggered a series of subsequent ETF applications and led to multiple instances of Bitcoin surpassing the $30,000 mark.

However, the past 24 hours have seen Bitcoin’s price dip below $30,000 with a minor decline of nearly 1%. Nonetheless, the cryptocurrency quickly reestablished support at $30,000. At the time of writing, Bitcoin is trading at around $30,087, the largest asset by market capitalization.

Following a surge on July 13, Bitcoin’s market capitalization has subsequently declined by over $30 billion. From last week’s peak of $614 billion, the market capitalization currently stands at $582 billion.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.