Valkyrie CIO anticipates spot Bitcoin ETF approval as early as the end of November

Valkyrie Chief Investment Officer (CIO) Steven McClurg told ETF.com connected Nov. 2 that regulators could o.k. a spot Bitcoin ETF by the extremity of the month.

McClurg said that helium expects the U.S. Securities and Exchange Commission (SEC) to nonstop a 2nd petition for comments to assorted spot Bitcoin ETF applicants successful the coming weeks. The SEC antecedently requested comments starting astatine the end of September. Valkyrie reportedly submitted an update to its ain filing this week.

The CIO said that aft the SEC sends retired those caller requests, it could o.k. the indispensable 19b-4 filings astatine the extremity of November. Those filings interest the projected regularisation changes that would let exchanges to database the spot Bitcoin (BTC) ETFs successful question.

McClurg said that this support timeline “likely means a February launch” successful 2024, arsenic the SEC could inquire firms to adhd much details to different S-1 filings earlier immoderate last launch.

Bitwise is “hopeful;” expects $50B implicit 5 years

ETF.com besides obtained a connection from Bitwise CIO Matt Hougan, who said that helium is “hopeful” astir his company’s plans to motorboat a spot Bitcoin ETF.

Hougan commented connected definite issues, noting that “market manipulation is inactive a imaginable stumbling block” and noted that “custody isn’t [necessarily] a wrap.”

Though different applicants person attempted to code issues astir marketplace manipulation by introducing surveillance-sharing agreements, specifically with Coinbase, Bitwise is little optimistic connected the matter. Hougan made similar statements erstwhile Bitwise updated its filing successful precocious September, suggesting that specified agreements whitethorn not conscionable requirements.

Both executives besides provided estimates regarding the magnitude of worth that the pending funds could attract. McClurg projected $10 cardinal of request for spot Bitcoin ETFs successful the 4 to 8 weeks aft they launch. Meanwhile, Hougan projected much than $50 cardinal of inflows implicit 5 years, weighted toward the aboriginal years.

Other ETF applicants are besides driving expectations

Valkyrie Investments and Bitwise are among astir 10 firms successful the moving to connection the archetypal spot Bitcoin exchange-traded funds successful the U.S.

The latest batch of proposals was mostly prompted by the large plus manager BlackRock, which submitted its spot Bitcoin ETF exertion connected June 15. Several different hopeful plus managers person patterned their ain applications aft BlackRock’s.

Elsewhere, Grayscale has attracted optimism done a legal victory that volition compel the SEC to reappraisal its ETF application. However, Grayscale’s program involves converting its existing GBTC money to an ETF and is rather antithetic from astir different pending applications.

The station Valkyrie CIO anticipates spot Bitcoin ETF support arsenic aboriginal arsenic the extremity of November appeared archetypal connected CryptoSlate.