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Valkyrie Applies for Bitcoin Spot ETF, CleanSpark Expands Operations in Georgia

Jun 22, 2023
Market Update After three consecutive days of declines, traditional indices are rebounding, with the $SPY and $QQQ rising 0.10% and 0.61%, respectively. In contrast, after three days of sharp gains, $BTC (-0.22%) and $ETH (-0.57%) have cooled off. The emergence of multiple Bitcoin spot ETF applications from reputable financial institutions has sparked a Bitcoin-led rally, with Bitcoin dominance ($BTC.D) rising to 51.34%, its highest level since April 2021. Despite Bitcoin outperforming most altcoins, the leader in the top-100 coins over the last seven days is $PEPE, rising 81.2%, raising questions about whether Pepe will dethrone Doge and Shiba Inu as the most popular meme-coins going forward.Valkyrie, a crypto investment fund, is the latest of several traditional finance firms to apply for a Bitcoin spot exchange-traded fund (ETF). Valkyrie filed an S-1 registration form with the SEC yesterday, indicating its intention to list the fund on the Nasdaq under the symbol BRRR. While Valkyrie is experienced in Bitcoin futures ETFs, having launched two Bitcoin futures ETFs, this would be its first push for a BTC spot ETF. The decision to pursue the spot ETF was influenced by recent actions of other market participants such as Blackrock and WisdomTree. Valkyrie's CIO, Steven McClurg, p

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