Valkyrie Chief Investment Officer Steven McClurg anticipates that the US Securities and Exchange Commission will approve exchange-traded funds directly holding Bitcoin on Wednesday, and trading will begin soon afterward.
About a dozen companies have filed for spot Bitcoin ETFs, which are expected to attract new investors to crypto and billions in inflows in their first year. The cryptocurrency has jumped to a 21-month high this year on expectations approval is imminent since the SEC faces a Jan. 10 deadline to weigh in on an Ark 21 Shares application.
“We haven’t received any such indication” from the SEC, McClurg said during a Bloomberg Television interview. “And by the way, no one has really received any actual indication that it is absolutely going to happen. I’m about 95% sure that we will be trading on Thursday.” Samir Kerbage, CIO and head of products at Hashdex, who also spoke on Bloomberg TV, said, “everyone is learning by the day what is happening.”
Many ETF issuers filed changes to their previously submitted S-1 forms on Tuesday morning, after getting feedback from the SEC the previous day. Many view the quick turnaround from the agency as a positive sign, and expect an approval on Wednesday, with the funds launching Thursday. Invesco, Bitwise, Valkyrie and WisdomTree lowered fees in their spot Bitcoin ETF applications, according to updated filings with the US Securities and Exchange Commission.
