In resubmitting its application to the U.S. Securities and Exchange Commission for a spot bitcoin exchange traded fund (ETF), Valkyrie Digital Assets joined asset managers BlackRock and Fidelity in the effort. In a new 19b-4 filing, the Tennessee-based asset manager announced that cryptocurrency exchange Coinbase would serve as the partner for an agreement referred to as a surveillance-sharing arrangement. This agreement is meant to prevent market manipulation and has been a crucial component of all ETF applications in the previous month.
According to the Wednesday filing, Nasdaq, the exchange Valkyrie would use to launch the ETF, “executed a term sheet” with Coinbase, which Valkyrie claimed to be the “largest United States-based spot trading platform for Bitcoin.” Last week, BlackRock and Fidelity submitted updated papers. In January 2021, the asset management submitted the initial application. On June 21, it submitted new documentation to the SEC, designating Nasdaq as its preferred exchange and changing its ticker symbol to $BRRR. A bitcoin futures ETF from Valkyrie is already available on the market. The decision was made in May 2022.