Valkyrie Bitcoin ETF Gears Up For Wednesday Launch; CIO Foresees Massive $4-5B Inflows
Valkyrie Investments co-founder Steven McClurg is optimistic about the potential approval of the Bitcoin ETF by the SEC. The company plans to launch its spot Bitcoin ETF, expecting substantial investor funds to flow into the ETF and the broader Bitcoin market. McClurg predicts inflows of $200-400 million for Valkyrie's fund and $4-5 billion for the overall market in the first few weeks. The competition for the spot Bitcoin ETF has intensified, with Valkyrie offering a fee of 0.8%. Despite potential initial losses, Valkyrie expects its ETF to become profitable within the first year of trading. The ongoing SEC lawsuit against Coinbase is not seen as an existential threat to the ETFs, as it primarily targets the consumer-exchange side rather than the custody side relevant to the ETFs.
