Valkyrie Investments Co-Founder and CIO Expresses Confidence in Spot Bitcoin ETF Approval

Valkyrie Investments, a financial services firm that specializes in digital assets, is hopeful that its application for a spot bitcoin exchange-traded fund (ETF) will be approved by the U.S. Securities and Exchange Commission (SEC) in the near future. The firm’s co-founder and chief investment officer, Steven McClurg, expressed his confidence in the spot bitcoin ETF in an interview with CNBC Crypto World on Tuesday.

A spot bitcoin ETF is a type of investment product that would track the price of bitcoin directly, rather than through futures contracts or other derivatives. McClurg said that he believes the SEC will greenlight the spot bitcoin ETF, as the demand, adoption, and regulation of bitcoin have been growing and improving in the past few years.

According to McClurg, the spot bitcoin ETF would offer various benefits to investors, such as lower fees, higher transparency, and better price discovery. He said that the spot bitcoin ETF would also have a positive impact on the bitcoin market, as it would increase the demand and supply of the cryptocurrency, reduce volatility, and enhance its legitimacy and credibility.

McClurg said that he expects the SEC to make a decision on the spot bitcoin ETF by the end of the first quarter of 2024, and that he hopes that Valkyrie Investments would be among the first to launch the product.