The NYSE would mention the Valkyrie Bitcoin Fund, and Coinbase Custody Trust Co. would act as custodian.
On Friday, Valkyrie Digital Assets filed a Bitcoin Exchange-Traded Fund (ETF) submission, the second such filing in the last 30 days.
According to Dallas-registered Valkyrie Investments, the parent of Valkyrie Digital Assets, the Valkyrie Bitcoin Fund will be listed on the New York Stock Exchange and Coinbase Custody Trust Firm, LLC will act as the guardian for the planned ETF.
Valkyrie Investments CEO Leah Wald said,
“Our executive team has previously launched multiple ETFs, publicly traded funds, and ETPs, including bitcoin funds.”
“Steven McClurg and John Key who have collectively worked on over 100 esoteric and novel deals that have passed regulatory scrutiny.”Wald explains
VanEck re-submitted a proposal for a VanEck Bitcoin Confidence ETF to the SEC at the end of December.
While an ETF is considered attractive because it trades in almost the same manner on the stock exchange as shares in famous firms such as Apple and Microsoft, the U.S. Bitcoin ETF plans have been dismissed by the Securities and Exchange Commission because of worries over price uncertainty and abuse by the business.
It declined nine such proposals in August 2018 on the same day.
Even then, there have been signs that the SEC is warming up to the proposal. Then-Chairman Jay Clayton, who many see as lukewarm against cryptography, reported in October 2020 that the department was still open to discussing ETF proposals.
Today, with a new president triggering a transition in the SEC guard, it is generally hoped that crypto supporters would approve such an ETF in 2021. Last month, Clayton formally stood down and was succeeded by Gary Gensler, who is generally seen to be more pro-crypto than his predecessor.
Also contributing to hope is the resignation of Dalia Blass, the head of the investment management division of the SEC, this month. Blass was the subject of a letter from the SEC in 2018 expressing fear that the bitcoin market was not sufficiently big or liquid to be ready for an exchange-traded stock.