Next investment firm files – race for bitcoin ETF goes into the next round
Similar to 2018, several investment firms are currently filing for a bitcoin index fund with the SEC.
Valkyrie Digital Assets is bringing back memories of 2018, as the investment firm has now also filed for a bitcoin index fund (ETF) with the US Securities and Exchange Commission (SEC). This means that the race for a bitcoin ETF is back in full swing, as it was two years ago.
The Texas-based investment firm applied on Friday to list the „Valkyrie Bitcoin Trust“ on the New York Stock Exchange (NYSE). However, the Bitcoin Superstar application does not yet identify a ticker symbol.
The chances of the application being granted are slim, however, as several investment firms had already tried to get a bitcoin ETF approved during the last bitcoin record run, including established ETF traders such as VanEck, Direxion and the crypto exchange Gemini, which is run by the Winklevoss twins.
In a previous interview with Cointelegraph, crypto CEO Donnie Kim, whose firm again entered a bitcoin ETF in October 2019, had confirmed that the SEC was reluctant to wave through such applications.
He opined at the time:
„First, the SEC wants to get to understand this new asset class, which is why it’s using delay tactics to buy itself waiting time. On the one hand, it wants to find out what problems arise from existing Bitcoin financial products, and on the other hand, it hopes for legal requirements from politicians.“
Bitcoin ETF, filed another application with the SEC
Although the US Securities and Exchange Commission is notoriously dismissive, investment firms keep trying to get a Bitcoin ETF approved, especially in times of crypto hype.
On 21 January, the asset management firm VanEck, which was one of the first investment firms to ever apply for a Bitcoin ETF, filed another application with the SEC, whereby companies from the crypto industry are to be represented in the index fund in question.
So although no bitcoin ETF has yet been approved in the US, the Swiss stock exchange has already listed several bitcoin ETPs, which are similar to an ETF. In addition to comparable crypto investment products from Grayscale, an Ethereum ETF was most recently issued in Canada, which is enjoying great popularity.