Filings Pile In As Valkyrie and Ark Invest Bitcoin ETFs Enter Next Stage

Valkyrie and Ark Invest are the latest fund managers to get their spot Bitcoin ETF applications over a crucial registration requirement. 

The race to be among the first fund managers to roll out a spot Bitcoin ETF continues to heat up. In the latest developments, Valkyrie Investments and Ark Invest registered their proposed Bitcoin ETF products as securities with the United States Securities and Exchange Commission (SEC).

Registration of the fund as securities is a crucial step that must be met for the fund to begin trading once it receives approval from the SEC. Notably, the latest filing does not mean approval from the SEC. Instead, it underlines the firm’s commitment to launching the product within the earliest possible window.

According to data on the SEC’s Edgar database, Valkyrie’s Bitcoin ETF (known as the Valkyrie Bitcoin Fund) will be listed as securities on the Cboe BZX Exchange, known simply as CBOE. On the other hand, Ark Invest’s offering (Ark 21Shares Bitcoin ETF) in partnership with Swiss-based crypto custody firm 21Shares will be listed on the Nasdaq stock market.

The latest filings bring Valkyrie and Ark Invest to the same stage as other competitors. Grayscale, Fidelity, and VanEck have taken similar steps in recent days, putting the firms in line to be among the first to receive approval from the SEC. 

Bitcoin ETF Decision Deadline Approaches

As the filings continue to pour in, industry participants have an eye fixed on the January 8-10 deadline for an SEC decision on the Ark 21Shares Bitcoin ETF. The regulator must make a decision on the ETF within the stated timeline, having exhausted its possible denial window for the fund back in October 2023.

However, the general consensus from experts is that the SEC will approve multiple ETFs on or before the January 8-10 deadline. Other sources claim that the SEC will notify fund managers of approvals as soon as Friday, with trading poised to begin next week.