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<p class="is-style-lead">In an update on X, Bloomberg Intelligence analyst James Seyffart shares that Valkyrie Funds has filed a new S-1 at 6:01 a.m. today.</p> 
<p>This move follows the lead of Bitwise and Invesco, emphasizing cash-only creations and redemptions.&nbsp;</p> 
<h2 class="wp-block-heading" id="looking-ahead">Looking ahead</h2> 
<p>Like Invesco, the filing expresses a desire to transition to in-kind transactions when regulations permit.</p> 
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   <p lang="en" dir="ltr">Update: <a href="https://twitter.com/ValkyrieFunds?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@ValkyrieFunds</a> submitted a new s-1 at 6:01 AM this morning. They are joining Bitwise and Invesco by stating that creations and redemptions will only occur in cash. Like Invesco, this filing specifically says they want to use in-kind in future if/when allowed. <a href="https://t.co/51NSmjxWAK" target="_blank">https://t.co/51NSmjxWAK</a> <a href="https://t.co/ARpGEHkAlL" target="_blank">pic.twitter.com/ARpGEHkAlL</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1735299009403658304?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 14, 2023</a>
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<p>In response to a post from North Rock Digital, which raised concerns about the cash-only approach for ETF creations and redemptions, Seyffart clarified that the SEC’s stance could impact the tax efficiency of spot ETFs.&nbsp;</p> 
<p>Acknowledging the surge in inquiries, Seyffart emphasized the less tax-efficient nature of potential capital gains distributions, a characteristic shared with mutual funds operating on a cash-create and redeem model.</p> 
<p>Despite differing opinions on Twitter, Seyffart conveyed that while not meaningless, the impact might not be as detrimental as others in the community have asserted.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-spot-etf-launches-on-euronext-analysts-expect-more-growth-for-this-ai-centric-altcoin/"> Bitcoin spot ETF launches on Euronext, analysts expect more growth for this AI-centric altcoin </a> </p> 
<h2 class="wp-block-heading" id="busy-for-the-holidays">Busy for the holidays&nbsp;</h2> 
<p>As the holiday season approaches, the SEC remains actively engaged, with four different issuers, including <a href="https://crypto.news/blackrock-revises-spot-bitcoin-etf-application-after-meeting-with-sec/">BlackRock</a>, holding meetings in recent days to discuss their Bitcoin ETF filings.&nbsp;</p> 
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<p><br>BlackRock has met with the SEC for the third time, according to a <a href="https://twitter.com/JSeyff/status/1734679896746758219" target="_blank" rel="noopener">Dec. 12 report</a>, while Grayscale, Franklin, and Fidelity held meetings with the regulatory entity a week earlier.</p> 
<p> Read more: <a href="https://crypto.news/fidelity-may-be-considering-a-bitcoin-spot-etf/"> Fidelity may be considering a bitcoin spot ETF </a> </p>

Valkyrie files new S-1, adopts cash-only approach for spot Bitcoin ETF

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