Valkyrie’s McClurg expects spot Bitcoin ETF approval in November 2023

Steven McClurg, co-founder of Valkyrie Investments, believes the U.S. Securities and Exchange Commission (SEC) will approve multiple spot Bitcoin exchange-traded fund (ETF) applications in November 2023. 

In his assessment, firms have addressed all the issues of market manipulation raised by the regulator. 

By McClurg’s estimation, the regulator may send another round of comments to those who submitted for the ETFs in the next one to three weeks, followed by approval of 19b-4 rule changes in November 2023. 

However, the market will likely see spot Bitcoin ETFs in February 2024. This comes after McClurg expressed belief in a Bitcoin spot ETF approval by at least Q2 of next year in a recent interview with Forkast.

“A late November approval likely means a February launch. Before anything else happens, we get a second round of comments. We’ll probably get those comments in the next one to three weeks.”

Valkyrie Investments co-founder Steven McClurg

Valkyrie Investments recently filed an updated application for its Valkyrie Bitcoin Fund with the SEC, indicating that investors could purchase common shares backed by Bitcoin under the ticker BRRR on Nasdaq. 

However, other players in the race for spot Bitcoin ETF approval in the U.S. include BlackRock, Invesco, WisdomTree, and Direxion.