Valkyrie, a cryptocurrency fund manager, has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin spot exchange-traded fund (ETF). This move comes amidst a flurry of similar applications from other financial institutions over the past week. Initially, Valkyrie indicated its intention to list the fund on the Nasdaq under the ticker symbol BRRR.

Valkyrie is no stranger to Bitcoin ETFs, having launched the second Bitcoin futures ETF in the U.S., the Valkyrie Bitcoin Strategy ETF (BTF), in October 2021. It also operates the Valkyrie Bitcoin Miners ETF (WGMI), which tracks companies that generate revenue or profits from Bitcoin mining.

The recent surge in applications from competitors seems to have spurred Valkyrie into action. However, it’s worth noting that Valkyrie’s Chief Investment Officer, Steven McClurg, previously expressed that a Bitcoin ETF would likely only be possible through legislative action or under a future administration.

BlackRock, WisdomTree, and Invesco applications along with unconfirmed reports of Fidelity preparing to file an application, suggest a shift in the landscape. As Bitcoin’s value continues to rise, the industry eagerly awaits the SEC’s decision on these filings.