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Valkyrie: SEC may approve applications for spot Bitcoin ETFs tomorrow

Regulation: Valkyrie: SEC may approve applications for spot Bitcoin ETFs tomorrow

The U.S. Securities and Exchange Commission (SEC) is expected to approve a number of applications for bitcoin exchange-traded funds (ETFs) on January 10, 2024. Such information follows a forecast by Steven McClurg, co-founder and chief investment officer of Valkyrie Investments, reports The Block.

#Valkyrie Investments expects the SEC to provide feedback on the filings by the end of the day. Trading of the spot bitcoin ETF funds will then begin on the morning of Jan. 11, the company said in a statement.

McClurg believes the SEC could make a favorable decision for 10 of the 13 applicants. He also noted the dedication of Valkyrie Investments' employees, who worked hard even over the Christmas break to prepare for the potential launch of a spot bitcoin ETF.

To create something like this, there is a lot of work to be done. One of the challenges is that you have two custodians - one for cryptocurrency and one for cash. You have to make them interact with each other, and that's a double jobsaid McClurg.

As for funding, #VanEck plans to channel a significant amount of 72.5 million dollars into its crypto fund, while #BlackRock is ready to invest 10 million dollars into the investment product.

Valkyrie Investments' own investment product is projected to raise up to $400 million in the first week of trading. McClurg also said the market could potentially reach $5 billion in the first few weeks.

While many expect institutional investors to raise capital, retail market participants and some financial advisors will be the first to invest. In addition, I expect a large outflow of funds from GVTSsaid Steven McClurg.

However, against the backdrop of the imminent launch of #spot bitcoin-ETFs, SEC head Gary Gensler criticized the crypto-asset sphere. It is worth noting that #Gensler previously categorized bitcoin as a commodity, which took it out of the regulator's jurisdiction.

Overall, the #SEC's approval of spot bitcoin ETFs is expected to have a significant impact on the cryptocurrency market, attracting significant investment and potentially changing the industry.

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