Valkyrie updates spot Bitcoin ETF filing, partners with Coinbase to challenge SEC’s criticism

Valkyrie joined the band of asset managers after updating its filing for a spot Bitcoin ETF on Wednesday, naming Coinbase as its SSA counterpart.
Just this Monday, BlackRock, as well as exchange CBOE, refiled their applications following the SEC’s comments of the previous filings being unclear and incomplete.
Bitcoin price slipped below $31,000 after marking a 13-month high but is holding above $30,000.

Aaryamann Shrivastava FXStreet

Valkyrie, an asset management firm, was among the first few applicants for a spot Bitcoin exchange-traded fund (ETF) last month. These applicants included the likes of BlackRock, the biggest asset manager in the world, as well as Fidelity and many more. However, the US Securities and Exchange Commission (SEC) came down on the applicants, virtually rejecting them.

Valkyrie goes for Bitcoin ETF again

Valkyrie is set to challenge the SEC’s comments of the previous spot Bitcoin ETF filings being unclear and incomplete. The regulatory body noted that the applications were inadequate, leading the applicants to look for a surveillance-sharing agreement (SSA) counterpart. The surveillance partner enables sharing of information with regulators to prevent market manipulation and other unwanted behaviors.

Coinbase emerged as the solution as BlackRock, Chicago Board Options Exchange (CBOE), and now Valkyrie, too, opted to choose the exchange as the SSA counterpart. This decision came despite the fact that the SEC is actively pursuing a lawsuit against Coinbase for violating Securities law.

Valkyrie stood out of the pack as the asset manager chose to update its earlier filing. The rest of the applicants submitted a fresh 19b-4 filing addressing the SEC’s concerns.

UPDATE: @ValkyrieFunds has submitted an updated 19b-4 with Nasdaq to list their Bitcoin ETF. They are one of the only Bitcoin ETF filers of the recent past that hadn't submitted a new 19b-4 in this wave. pic.twitter.com/0CaHdBr0h1
— James Seyffart (@JSeyff) July 5, 2023

However, amidst the regulatory chaos, Bitcoin price stood largely unbothered above $30,000. Even though the cryptocurrency fell below $31,000 on Tuesday, it was mostly due to the market cooling down following the recent uptick in price.

Investors are still betting on BTC to recover and mark a new 2023 high after already noting a 13-month high earlier this week. But the price indicators might suggest a change in trend. The Moving Average Convergence Divergence (MACD) indicator is on the verge of a bearish crossover. The green bars on the histogram are also about to turn red, indicating receding bullishness.

BTC/USD 1-day chart

Thus, a bearish pressure might lead to a drawdown in Bitcoin price to $28,138 or fall further below to tag $27,331.

To know more about potential Bitcoin price target, read on - Bitcoin price stalls at $31,500, putting short-term BTC trader gains in jeopardy

Author

Aaryamann Shrivastava

FXStreet

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.