Steven McClurg, the CIO and co-founder of Valkyrie, has expressed his confidence in the approval of a spot Bitcoin ETF on Wednesday. McClurg has been working diligently on this for the past six weeks and is excited about the potential approval. He is 95% confident that the approval will come after the market closes on Wednesday, with a launch to trade on Thursday.
Valkyrie is one of about a dozen spot Bitcoin ETF applicants awaiting approval from the U.S. Securities and Exchange Commission (SEC). The SEC is expected to make a decision on Ark Invest’s application on Jan. 10, leading to widespread predictions of approval on that date. However, other funds have later deadlines. For instance, the SEC is not required to make a decision on BlackRock’s application until Jan. 15. The deadline for the SEC’s decision on Valkyrie’s application is not specified.
McClurg also shared his thoughts on other aspects of ETFs. He acknowledged the recent ‘fee wars’ where ETF applicants have reduced fees and introduced waivers. He discussed the challenges in reducing fees to 0.2%; Valkyrie’s application currently includes a 0.49% fee and a 3-month waiver.
Furthermore, McClurg mentioned the strong possibility of spot Ethereum and spot XRP ETFs in the future. Valkyrie had previously gained approval for an Ethereum futures ETF in October. However, it is not among the current list of spot Ethereum ETF applicants, which includes BlackRock and Fidelity. Currently, there are no confirmed spot XRP ETF plans from any company.
Lastly, McClurg commented on the potential market impact of spot Bitcoin ETF approvals. He expects $10 billion or more to enter spot Bitcoin ETFs by the end of 2024 and up to $3 billion during the first week of trading. He also predicted that Bitcoin will be worth $150,000 before the end of 2024, as spot Bitcoin ETFs could create a “supply shock” that drives up demand.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Jacquelyn Melinek, Steven McClurg |
| Companies | Valkyrie, U.S. Securities and Exchange Commission, BlackRock, TechCrunch, Ark Invest, Fidelity |
| Currencies | Ethereum, XRP, Bitcoin |
| Securities | None |
