Bitcoin Spot ETF Approval Expected by End of November

Key Points:

• Investment firms are confident that the Bitcoin Spot ETF approval is expected by the end of this month, as suggested by Steven McClurg, Chief Investment Officer at Valkyrie.
• Companies have addressed the SEC’s concerns about market manipulation and pricing, which led to previous denials.
• The SEC is expected to provide another opportunity for companies to comment in the near future, and could approve firms’ 19b-4 rule changes by the end of the month.

The investment community is abuzz with the possibility of Bitcoin spot ETF approval by the Securities and Exchange Commission (SEC) this month, as hinted by Steven McClurg from Valkyrie.

Valkyrie CIO McClurg Optimistic About Bitcoin Spot ETF Approval by End of November

At Valkyrie, McClurg, as the Chief Investment Officer, manages two ETFs with a total of $51.1 million in assets. He believes that companies have successfully addressed issues of market manipulation and pricing – problems that led to SEC denials in the past. He suggests these concerns have been significantly resolved and are unlikely to prompt additional amendments.

Looking forward, McClurg anticipates the SEC to provide another opportunity for companies to comment in the near future. This may be followed by the approval of firms’ 19b-4 rule changes by the end of the month. Valkyrie, for one, has recently updated its spot bitcoin ETF application. The potential of the Bitcoin Spot ETF approval move has firms working hard to fine-tune this investment tool, ready to attract substantial capital.

Bitcoin ETF Launch in February Possible if SEC Approves Rule Changes in November

In a recent interview, McClurg disclosed, “If we get the green light in late November, we could potentially launch the ETF in February.” He suggests that the agency might wait until the new year to ask firms to finalize their S-1 filings. “We’ll likely see a second chance for comments before moving ahead, which I expect to be issued within the next few weeks.”

Bitcoin prices have soared over the past year, hitting a peak since May 2022. This upward trend reflects investor confidence in Bitcoin Spot ETF approval. Leading firms like BlackRock Inc., Fidelity Investments, ARK Invest, Grayscale Investments, among others, continue to support ETFs holding actual Bitcoin, as opposed to the currently approved Bitcoin futures. The approval of rule changes and registration statement filings could happen all at once, or one could precede the others.

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