Discussing Bitcoin ETF Listing Process Nasdaq
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In this informational episode, “Bitcoin NBttom Line” host and Valkyrie CIO Steven McClurg invited Nasdaq’s head of exchange-traded products, Giang Bui, to discuss exchange-traded funds (ETFs) and more.
The two kicked it off with a discussion about the process of getting an ETF up and launched. This process, lasting anywhere from 30 to 240 days, must go through several checkpoints set up by Nasdaq and the U.S. Securities and Exchange Commission (SEC) to ensure all requirements are met for approval.
Bui explained that if a product listing doesn’t meet Nasdaq’s generic listing standards, the prospective lister must file a 19b-4 form with the SEC to seek its approval.
“Issuers choose Nasdaq because our brands align so well with them in terms of innovation and driving to the market for the future,” Bui shared. “We support them from a regulatory standpoint, when a product is traded and listed from a capital market standpoint, as well as marketing and distribution. It was great to see one of the first Bitcoin-related ETFs come to market the other week, and we are excited to be able to support Valkyrie as a first mover.”
McClurg shared his past experience fighting for actively-managed ETFs and having affiliated indexes. The frustrating process hurt the mutual fund industry and pushed a lot of mutual fund issuers into ETFs.
They went on to discuss leveraged and inverse products, how Bui came to Nasdaq from the New York Stock Exchange, and if she thinks a bitcoin spot ETF will come to market in the next year.
They closed out the episode talking about NFTs, musicians, comedy, Bitcoin 2022, and some of the cool things Nasdaq has done in the past few months.
Listen to the full episode for more!