The proposed Valkyrie Spot Bitcoin ETF aims to provide investors with a straightforward and regulated avenue to invest in Bitcoin (BTC). The SEC's recent acceptance of the Valkyrie spot Bitcoin ETF application marks a major milestone in governing the crypto acceptance around the world and has the potential to drive mass adoption of BTC as an investment instrument in the United States. If approved, the Valkyrie spot Bitcoin ETF would be the first product of its kind to offer investors access to bitcoin without actually owning the cryptocurrency. The development represents a pivotal moment for the cryptocurrency community and marks a potential breakthrough.

On July 17, the SEC approved Valkyrie’s proposed rule changes regarding the listing and trading of a Bitcoin ETF on Nasdaq. After the Federal Register notice is published, the public has 21 days to comment. The United States then conducts a review based on the feedback received. In addition to Valkyrie, the SEC has already approved an application for a BlackRock spot Bitcoin ETF (as a reminder, on July 13, the SEC released its consent to BlackRock's similar filing), along with filings from other prominent financial firms like Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21Shares. These acceptances demonstrate the regulator's consideration of ETF applications, and the approval of a Bitcoin ETF would be a significant victory for the crypto industry.