Spot Bitcoin ETFs Expected to Be Approved by the SEC in November 2023, Says Co-Founder of Valkyrie Investments
The U.S. Securities and Exchange Commission (SEC) is likely to approve multiple spot Bitcoin exchange-traded fund (ETF) applications in November 2023, according to Steven McClurg, co-founder of Valkyrie Investments. McClurg believes that the firms have effectively addressed the market manipulation concerns raised by the regulator. He expects the SEC to send additional comments to the ETF applicants within the next one to three weeks, followed by approval of rule changes. However, the actual launch of spot Bitcoin ETFs may occur in February 2024. Previously, McClurg expressed his belief in an approval for a Bitcoin spot ETF by at least Q2 of next year.
Valkyrie Investments Files Updated Application for Valkyrie Bitcoin Fund
Valkyrie Investments has recently filed an updated application for its Valkyrie Bitcoin Fund with the SEC. The filing indicates that investors will be able to purchase common shares backed by Bitcoin on Nasdaq under the ticker BRRR. Other contenders for spot Bitcoin ETF approval in the United States include BlackRock, Invesco, WisdomTree, and Direxion.
Hot Take: Spot Bitcoin ETF Approval Could Boost Market Growth
If spot Bitcoin ETFs are approved by the SEC in November 2023 as anticipated, it could mark a significant milestone for the crypto market. The introduction of regulated and easily accessible investment vehicles like ETFs could attract a new wave of institutional and retail investors into the cryptocurrency space. This increased participation could lead to greater liquidity and stability in the market, as well as potentially drive up the price of Bitcoin and other cryptocurrencies. Overall, spot Bitcoin ETF approval has the potential to fuel further growth and mainstream adoption of cryptocurrencies.
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