{"id":9363,"date":"2023-11-04T00:26:15","date_gmt":"2023-11-04T00:26:15","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/valkyrie-anticipates-approval-of-spot-bitcoin-etf-by-sec-this-month\/"},"modified":"2023-11-04T00:26:17","modified_gmt":"2023-11-04T00:26:17","slug":"valkyrie-anticipates-approval-of-spot-bitcoin-etf-by-sec-this-month","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9363","title":{"rendered":"Valkyrie Anticipates Approval of Spot Bitcoin ETF by SEC This Month"},"content":{"rendered":"<div>\n<figure id=\"attachment_127178\" aria-describedby=\"caption-attachment-127178\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-127178\" class=\"wp-caption-text\">Valkyrie\u2019s CIO hints at SEC\u2019s near-term approval for a Bitcoin ETF. <em>Image by 24K-Production, Adobe Stock.<\/em><\/figcaption><\/figure>\n<p>The Securities and Exchange Commission (SEC) may finally approve the long-awaited spot bitcoin exchange-traded fund (ETF) as early as this month, according to Valkyrie\u2019s chief investment officer, Steven McClurg.<\/p>\n<p>Bitcoin\u2019s price has rallied over the past few months in anticipation of a spot ETF approval, doubling in value since the start of 2023.<\/p>\n<p>A <strong>spot bitcoin ETF<\/strong> holds the digital currency directly, unlike existing bitcoin futures ETFs which invest in derivatives contracts. Major financial institutions like BlackRock, Fidelity, ARK Invest, and Grayscale have applied to offer spot bitcoin ETFs after years of denial by the SEC over concerns about potential manipulation and adequate pricing sources.\n<\/p>\n<h2>Spot Bitcoin ETF to Fully Launch in February 2024<\/h2>\n<p>\nMcClurg predicts the SEC will send another round of comments to applicants within the next few weeks, followed by potential approval of rule changes by month\u2019s end. He argues late November approval could lead to a February fund launch.<\/p>\n<p>\u201cBefore anything else happens, we get a second round of comments, and I believe we\u2019ll probably get those comments in the next one to three weeks,\u201d McClurg stated in an interview on Thursday, after Valkyrie amended its own spot bitcoin ETF application.<\/p>\n<p>\u201cA late November approval likely means a February launch,\u201d he added, noting firms still need to submit registration forms after rule changes are authorized.<\/p>\n<p>The SEC is currently reviewing 8-10 spot bitcoin ETF applications. Recent amendments have expanded on <strong>risk disclosures<\/strong>, <strong>underlying benchmark sources<\/strong>, <strong>pricing methodology<\/strong>, <strong>custodial arrangements<\/strong>, and other specifics per SEC requests. McClurg believes the years-long debate over market manipulation and <strong>custody issues<\/strong> has largely subsided. Other experts caution these factors, particularly potential manipulation, may still pose roadblocks.\n<\/p>\n<h2>Approval Could Unlock Billions in New Investments<\/h2>\n<p>\nMcClurg forecasts <strong>up to $10 billion<\/strong> could flow into spot bitcoin ETFs within the first 1-2 months post-launch. Bitwise Asset Management CIO Matt Hougan estimates the new funds could attract over $50 billion in cumulative inflows over five years, weighted towards later years.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitwise CEO predicts a $50 billion increase in investment in a Bitcoin ETF after its launch, driven by growing demand and reduced supply due to halving.<\/p>\n<p>\u2014 Brian Arnold (@havizkolesi) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/havizkolesi\/status\/1717783391624638666?ref_src=twsrc%5Etfw\">October 27, 2023<\/a><\/p>\n<\/blockquote>\n<p>While optimism runs high for an <strong>imminent SEC approval<\/strong>, Hougan still urged caution until filings are fully approved.<\/p>\n<p>\u201cIt feels like we\u2019re in the red zone, to use a football analogy,\u201d Hougan said. \u201cThe question is: can we get across the line?\u201d<\/p>\n<p>Major firms have long demanded the SEC for spot bitcoin ETF approval. Yet the agency repeatedly denied past applications over manipulation and pricing concerns.<\/p>\n<p>McClurg contends these issues are largely settled given the years that have passed. For example, the SEC recently settled a manipulation lawsuit against Genesis Global Trading related to the Grayscale Bitcoin Trust. This suggests similar manipulation challenges may be waning.<\/p>\n<p>For now, investors eagerly await the SEC\u2019s next moves. With bitcoin prices rallying and heavyweight investors on board, the demand seems clear. Approval could unleash a flood of new investment into the crypto market.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/valkyrie-anticipates-approval-of-spot-bitcoin-etf-by-sec-this-month.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Valkyrie\u2019s CIO hints at SEC\u2019s near-term approval for a Bitcoin ETF. Image by 24K-Production, Adobe Stock. The Securities and Exchange Commission (SEC)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":9364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-9363","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Valkyrie Anticipates Approval of Spot Bitcoin ETF by SEC This Month | inFundPros<\/title>\n<meta name=\"description\" content=\"Valkyrie\u2019s CIO hints at SEC\u2019s near-term approval for a Bitcoin ETF. Image by 24K-Production, Adobe Stock. 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