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Valkyrie founder expects approval date
All ETFs approved simultaneously
Retail investors enter first
Issuers quickly submit updated documents
Steven McClurg, the founder of Valkyrie, one of the 13 Bitcoin spot ETF issuers, recently stated in an interview with The Block that the company expects the SEC to approve its submitted ETF application by the end of Wednesday’s trading session and open trading on Thursday morning.
After trading opens, Steven McClurg expects Valkyrie’s ETF to attract a capital inflow of $200 million to $400 million, with the initial weeks potentially seeing inflows as high as $4 to $5 billion.
However, Steven McClurg believes that not all of the 13 ETF applications will necessarily be included in the first wave of approvals.
Furthermore, Steven McClurg emphasized that Bitcoin spot ETFs are different from regular ETFs as they require two custodians, one for cryptocurrencies and another for cash, and both accounts need to be connected. This means that the preparation work prior to launch is almost twice as much as usual.
Many analysts believe that the biggest advantage of Bitcoin spot ETFs is their ability to attract institutional investors in the United States. However, Steven McClurg stated that retail investors may be the first group to invest, as institutional investors generally need some time to observe new financial products before recommending them to clients.
The approval of Bitcoin spot ETFs has entered a heated phase. However, this morning, the SEC issued supplementary comments on the S-1 filings submitted by several Bitcoin spot ETF issuers, which some see as a potential “delay signal.”
Nevertheless, issuers including ARK 21Shares, VanEck, and BlackRock quickly submitted revised S-1 filings. Bloomberg analyst Eric Balchunas believes that the proactive attitudes of the SEC and issuers indicate that both parties hope to expedite the approval process.
