Valkyrie, a crypto asset manager, has recently filed one application for the US SEC to trade an ETF (Exchange traded fund) on the NASDAQ. It is a Bitcoin mining firm that they have filed an application for.
In their SEC filing, Valkyrie said that the Bitcoin Miners will not directly invest in Bitcoin (BTC). They launched their Bitcoin Strategy ETF in 2021 in the month of October. At the IPO, the funds were listed at $14.93 but as of now, have fallen more than 40% since their launch on 22nd October.
In 2021 itself, SEC had approved many investment vehicles that were linked to BTC derivatives, but till now, they haven’t given the green light to any spot ETFs in the US.
While the US SEC is still debating its stance on cryptocurrencies and DeFi tech, Canada has already approved such ETFs. Brain Brooks has said recently that the US is “unquestionably behind” when it comes to DeFi adoption. Even when it comes to ETFs, the SEC has been at loggerheads with various exchanges.
The Coinbase vs SEC debate has now been resolved, and we can see that the US SEC is now warming up to the idea of these alternate currencies. Not only that, they have been quicker to come to conclusions on other crypto-related activities. This is a positive sign for many crypto enthusiasts in the USA.
If you have been planning on investing in BTC, right now would be the best time to do so. Not only is it at a low point right now, being an early adopter can help you reap big profits later on.