Valkyrie Investments Amends Spot Bitcoin ETF Filing

Valkyrie Investments, a digital asset manager, has filed an updated prospectus for the spot Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) on Oct. 30, according to the regulator’s database.

The revised form S-1 registration statement for the Valkyrie Bitcoin Fund aims to provide investors an opportunity to invest in BTC-backed common shares. These shares represent partial ownership of the trust and are expected to be traded on the Nasdaq Stock Market under the symbol “BRRR.”

In the filing, Valkyrie mentioned that the information in this prospectus is incomplete and may be subject to change. Moreover, the firm clarified that it cannot sell BRRR securities until the registration statement becomes effective. The revised submission comes about a month after the regulator postponed its decision on the Valkyrie Bitcoin Fund in late September.

Bloomberg analyst James Seyffart, in a post on X, stated that Valkyrie, like other spot Bitcoin ETF applicants, has made the necessary amendments to its spot BTC ETF in compliance with the SEC’s requirements. Other applicants are Grayscale, Bitwise, VanEck, ARK Invest, BlackRock, and Fidelity. 

He stated that the ongoing amendments to BTC ETFs could be seen as a “good sign” of progress and upcoming approvals. Valkyrie’s recent spot Bitcoin ETF update is another evidence of developments occurring behind the scenes. 

Seyffart stated: 

“Valkyrie Funds joins the prospectus amendment train for their spot Bitcoin ETF. Things still moving behind the scenes.”

Moreover, he believes there is a 90% chance of approval for these ETFs in January 2024 or earlier.

After the recent amendments, five other spot BTC ETF applicants, such as Hashdex, Invesco and Galaxy, Global X, Franklin Templeton, and WisdomTree, have not yet updated their filings. In late October, SEC Chair Gary Gensler mentioned that the SEC currently has eight to 10 BTC ETF filings awaiting regulatory approval.

SEC’s Closed-door Meeting On November 2

Attorney Scott Johnsson stated that the SEC would have its first closed meeting of the commissioners on Nov. 2 to discuss Grayscale’s application for a spot BTC ETF, following the US Court mandate to revisit the decision. The agenda includes resolving litigation claims and administrative actions, he added.

Despite investors’ interest, it is unclear whether the SEC will provide feedback or request additional changes in response to recent amendments. However, the meeting will likely discuss the SEC vs. Ripple Labs case.