Spot Bitcoin ETFs are expected to receive approval and commence trading on Thursday, according to executives from VanEck and Valkyrie. Jan van Eck, CEO of VanEck, and Steven McClurg, the Chief Investment Officer for Valkyrie, both expressed their anticipation for the launch day on CNBC’s ETF Edge and Fortune respectively.
McClurg stated, “We’re just in a slight holding pattern. I’m in the camp where I believe that sometime after the market closes on Wednesday, the ETFs will go effective, meaning they trade on Thursday.” This sentiment was echoed by van Eck, who also expects the ETFs to start trading on Thursday, Jan. 11.
Cathie Wood from Ark Invest shared insights on the recent ETF application process, describing it as “unlike previous filings”. She noted that the SEC had engaged in a more detailed and technical dialogue with the applicants, rather than simply rejecting applications. Wood stated, “This told us they were getting ready. Now, can we be 100% sure there will be approval this week? No, you never say 100%, but we’re feeling really good about it.”
Following a series of filings to the SEC on Jan. 8 and Jan. 9, all signs seem to point towards approval this week. Bitcoin has seen a 14% increase since its Jan. 3 low, trading just below $47,000 at the time of reporting.
In a related development, Grayscale’s Chief Legal Officer posted on social media that he was “dotting some i’s and crossing some t’s”. This comes amidst concerns that the applications could be denied at the last minute. Bloomberg’s Eric Balchunas commented on this, stating, “The idea that Gary would make his Staff work countless hours with 11(!) different issuers on two dozen massive documents each well over 100 pages long full of technical jargon through the holidays just to give him cover to deny is tin foil hat stuff in my opinion. But look, we still have 5% chance of delay/denial.”
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Steven McClurg, Gary, Cathie Wood, Jan van Eck |
| Companies | Valkyrie, Grayscale, Ark Invest, VanEck, Bloomberg |
| Currencies | Bitcoin |
| Securities | None |
