Valkyrie Co-Founder Expects SEC Nod for Bitcoin ETF, Anticipates Thursday Trading
Steven McClurg, co-founder of digital asset manager Valkyrie, sat down with Fortune this week to discuss his firm’s ambitions in the Bitcoin ETF space.
McClurg expressed confidence that the SEC is finally ready to approve the first spot Bitcoin ETF in the coming days, likely allowing trading to commence on Thursday. This confirmation would cap a lengthy wait for Valkyrie and over a dozen rivals vying to issue Bitcoin ETFs.
Key Details:
- The firm expects no need for a formal commission vote to greenlight trading.
- Valkyrie’s proposed fee of 0.80% exceeds rivals but backs superior security.
After previous false starts, McClurg cited clear signals from SEC Chair Gary Gensler that regulatory approval was imminent. McClurg called the registration a “massive milestone” as the firm looks to leverage its crypto-native roots versus mainstream players like BlackRock and Fidelity.
Read more: North Korea’s Lazarus Group Moves Bitcoin As BTC Breaches $47,000
Bitcoin ETF Battle Ramps Up
Rivals have raced to trim fees to vie for investor dollars, but McClurg asserted Valkyrie will stick with its 0.80% fee, justifying it through elevated Bitcoin storage standards. While conceding brand-conscious investors may pick a name like BlackRock, McClurg argued Valkyrie’s bona fides will appeal to those “looking for experts.”
McClurg remains unconcerned over Valkyrie’s choice to custody its ETF’s Bitcoin with Coinbase, despite the latter’s legal scuffle with the SEC. He noted that institutional services like custody generally operate independently from consumer-facing businesses like crypto trading that sit in the regulatory crosshairs.
Read more: SEC Chair Gensler Issues Caution On Crypto As Bitcoin ETF Decisions Loom
“We don’t have any concerns there, and I’ll tell you why. Almost every firm on Wall Street has had issues or a lawsuit or an investigation by the SEC, and often. Every time that the SEC investigates UBS, people aren’t pulling their money, said McClurg.
McClurg suggested most ETFs transact predominantly in cash rather than in kind, easing hurdles for participant banks in Bitcoin ETFs’ early days when rules remain unclear.
If you are new and puzzled by all the hype about Bitcoin ETFs, check out this dedicated ETF section. We explain everything you need to know about these ETFs and the latest companies to join the bandwagon with their applications.
