Rock

Bitcoin ETF

James

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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 <a rel="noopener noreferrer nofollow" title="cash-" href="https://thebittimes.com/tag/cash.html">cash-</a>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: @ValkyrieFunds 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. https://t.co/51NSmjxWAK pic.twitter.com/ARpGEHkAlL</p>— James Seyffart (@JSeyff) December 14, 2023
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 <p>In response to a post from North Rock Digital, which raised concerns about the <a rel="noopener noreferrer nofollow" title="cash-" href="https://thebittimes.com/tag/cash.html">cash-</a>only <a rel="noopener noreferrer nofollow" title="approach" href="https://thebittimes.com/tag/approach.html">approach</a> 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 <a rel="noopener noreferrer nofollow" title="cash-" href="https://thebittimes.com/tag/cash.html">cash-</a>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>
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 <h2 class="wp-block-heading" id="busy-for-the-holidays">Busy for the holidays&nbsp;</h2>
 <p>As the holiday season <a rel="noopener noreferrer nofollow" title="approach" href="https://thebittimes.com/tag/approach.html">approach</a>es, the SEC remains actively engaged, with four different issuers, including BlackRock, 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 Dec. 12 report, while Grayscale, Franklin, and Fidelity held meetings with the regulatory entity a week earlier.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Fidelity may be considering a bitcoin spot ETF
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/valkyrie-files-new-s-1-adopts-cash-only-approach-for-spot-bitcoin-etf-tbt73710.html">https://thebittimes.com/valkyrie-files-new-s-1-adopts-cash-only-approach-for-spot-bitcoin-etf-tbt73710.html</a></p>

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

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