The U.S. Securities and Exchange Commission (SEC) has formally accepted the spot bitcoin ETF application filed by asset manager Valkyrie. The move, which opens the door to an official review process, follows last week’s acknowledgment of Blackrock’s bitcoin ETF application.

U.S. SEC to Review Valkyrie’s Bitcoin ETF Application, Expects Public Feedback

The United States’ securities regulator has given the nod to an official review of the spot bitcoin exchange-traded fund (ETF) application submitted by financial services company Valkyrie. The application was added to the government agency’s docket on Monday, July 17.

The listing on the SEC’s calendar comes after this past Thursday the Commission acknowledged a similar application by Blackrock, the world’s largest asset management firm. Public comments on the proposal will be accepted for 21 days after publication in the Federal Register.

Industry players are competing to launch a spot bitcoin ETF in the U.S., including Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, Vaneck, Invesco, and Fidelity, but the SEC has so far rejected a number of applications. Among them, that for Valkyrie’s “Bitcoin Strategy ETF.”

Tennessee-based Valkyrie, which already offers a bitcoin futures ETF, submitted its new application for an ETF named “Valkyrie Bitcoin Fund,” ticker symbol “BRRR,” on June 21. That happened days after the filing for financial giant Blackrock’s “Ishares Bitcoin Trust” gave cause for optimism that the SEC may finally greenlight a spot bitcoin ETF.

Then, in early July, Valkyrie amended its filing to add a surveillance-sharing agreement with leading U.S. cryptocurrency exchange, Coinbase, again following in the footsteps of Blackrock which did the same earlier. Both applicants chose Coinbase as a partner despite the trading platform being one of the companies targeted in the SEC’s ongoing clampdown on the crypto sector.

During the 21-day comment period, the SEC will gather public feedback and suggestions on Valkyrie’s proposal before it decides on the application. The Securities and Exchange Commission is yet to approve a spot bitcoin exchange-traded fund in the U.S., a step that regulators in neighboring Canada have already taken, while Europe is preparing for the launch of its first bitcoin ETF later this month.

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