Confident Prediction by Valkyrie, Creator of Bitcoin ETF: Approval Expected on Wednesday, Trading Open on Thursday

Confident Prediction by Valkyrie, Creator of Bitcoin ETF: Approval Expected on Wednesday, Trading Open on Thursday

Confident Prediction by Valkyrie, Creator of Bitcoin ETF: Approval Expected on Wednesday, Trading Open on Thursday

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Valkyrie founder predicts approval date
All ETFs approved simultaneously
Retail investors enter first
Issuers quickly submit updated documents
Steven McClurg, founder of Valkyrie, one of the 13 bitcoin spot ETF issuers, recently revealed in an interview with The Block that the company expects the SEC to approve its submitted ETF application by the close of the market on Wednesday and open for trading on Thursday morning.
After trading opens, Steven McClurg expects $200 to $400 million to flow into Valkyrie’s ETF, with inflows in the first few weeks potentially reaching $4 to $5 billion.
However, he believes that not all of the 13 ETF applications will be included in the first wave of approvals.
Furthermore, Steven McClurg emphasizes that a bitcoin spot ETF is not like a regular ETF as it requires two custodians, one for the cryptocurrency and the other for cash, and both accounts need to be connected. This means that the preparation work before launch is nearly twice as much as usual.
Many analysts believe that the biggest advantage of a bitcoin spot ETF is its ability to attract institutional investors in the United States. However, Steven McClurg suggests that retail investors may be the first group to invest. Institutional investors generally need 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 consider a potential “delay signal.”
Nevertheless, issuers including ARK 21Shares, VanEck, and BlackRock quickly submitted amended S-1 filings. Bloomberg analyst Eric Balchunas believes that the proactive attitude of the SEC and issuers indicates that both parties want to expedite the approval process as soon as possible.