updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Being the third lowest performer by trading volume among the 11 spot Bitcoin ETFs that debuted on Thursday, Valkyrie’s spot Bitcoin ETF garnered just under $9 million in trading volume during the day.
CoinShares International Limited, a leading player in the European digital asset industry, announced today that it has exercised its option to acquire Valkyrie Funds. This strategic move comes in the wake of the U.S. Securities and Exchange Commission’s (SEC) approval for Valkyrie’s spot Bitcoin ETF, which started trading on Nasdaq on January 11.
The acquisition aligns with CoinShares’ commitment to expanding its digital asset offerings in the US market, capitalizing on the positive developments in the regulatory ecosystem. The SEC’s clearance of Valkyrie’s Bitcoin ETF marks an important step in the maturation of the Bitcoin market in the United States.
Jean-Marie Mognetti, CEO of CoinShares, highlighted the importance of the move, stating:
“Exercising our option to acquire Valkyrie Funds aims at extending our European success in the US, offering unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space.”
Upon completion of the acquisition, CoinShares anticipates an increase in its existing Assets Under Management (AUM), currently standing at $4.5 billion, by approximately $110 million. This increment will be attributed to Valkyrie’s existing ETF products, including The Valkyrie Bitcoin Fund (BRRR), The Valkyrie Bitcoin and Ether Strategy ETF (BTF), and The Valkyrie Bitcoin Miners ETF (WGMI).
Despite being the third lowest performer by trading volume among the 11 spot Bitcoin ETFs that debuted on Thursday, Valkyrie’s spot Bitcoin ETF garnered just under $9 million in trading volume during the day. This figure pales in comparison to the $1 billion for BlackRock and $2.27 billion for the Grayscale Bitcoin Trust. Nevertheless, CoinShares’ strategic move demonstrates confidence in the potential for growth and success in Valkyrie’s offerings.
Leah Wald, CEO of Valkyrie Funds, echoed Mognetti’s sentiments, expressing excitement about joining forces with CoinShares. She remarked:
“CoinShares has established itself as a premier player in the digital asset space, and we’re excited to see how they continue advancing the space by leveraging Valkyrie’s team and expertise.”
It is worth noting that the acquisition is still pending finalization, awaiting satisfactory due diligence, necessary legal agreements, and approval from the respective boards of both companies. While the acquisition is pending, Valkyrie Funds will maintain its operational independence until the process is fully executed and finalized.
The strategic move by CoinShares comes at a time when Europe has already witnessed the launch of spot crypto Exchange-Traded Products, with the first spot Bitcoin ETF finally making its debut in July 2023. The European market, exemplified by London-based Jacobi Asset Management’s Bitcoin ETF on Euronext Amsterdam, showcases the potential for further global expansion in the digital asset space.
Besides the European market, Bitcoin ETFs have also made their emergence in other countries like Canada, Germany, and Brazil, underscoring the global embrace of the nascent asset class.
With the advent of Spot Bitcoin ETFs which were approved by the United States Securities and Exchange Commission (SEC) on Wednesday, crypto investors have quickly turned their attention to the next big thing which might be XRP ETFs. This is picking up steam as Steve McClurg, Chief Investment Officer (CIO) for Valkyrie, has lent his voice to the cause.
In an interview with Bloomberg, McClurg reveals that with the approval of Spot Bitcoin ETFs, the expectation is that altcoins will soon follow the same path. He explains that attention could be turned to Ethereum, which is currently the second-largest cryptocurrency in the space. McClurg figures that a lot of filings are going to be submitted for Ethereum ETFs after this.
Beyond the expected ETF filings for Ethereum, the Valkyrie CIO mentions that the likes of Ripple’s XRP could be the next in line to get approved for an ETF. “It wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there,” McClurg said during the interview.
Although McClurg showed optimism regarding a possible XRP ETF, he revealed that there was no indication of whether Valkyrie was going to get involved in it or not. Valkyrie, who has been heavily involved in Bitcoin and Ethereum ETFs, has not shown any interest in the altcoin so far.
However, the CIO explained that crypto can be incredibly unpredictable. Given this, it is impossible to know where the market will end up swinging and what asset managers will take an interest in next.
Token price resumes price rally | Source: XRPUSD On Tradingview.com
The discussions for a possible XRP ETF are not new, especially as the arguments for Bitcoin Spot ETFs heated up. As a result, crypto researcher, ABS, who is part of the 3T Warrior Academy gave a rundown of what the impact of a possible XRP ETF would be.
ABS explains that this could give rise to more interest from institutional investors as they could easily gain exposure to the asset with an ETF. Additionally, it would also propel XRP into the mainstream as marketing would take off. This would obviously increase interest around the world, and finally, XRP ETF would give the crypto a liquidity life-off.
The effect that an ETF would have on the price of the asset can be gauged by what happened in November when rumors emerged that BlackRock had applied for an XRP ETF. As the rumor spread, the XRP price surged rapidly, before correcting back downward once the rumors were dispelled.
Nevertheless, this performance from the altcoin showed the readiness of the market for an XRP ETF. In the case of the altcoin’s price reaching as high as $100, it is likely not happening in the next few years. However, there is no doubt that the approval of an XRP spot ETF would help propel it faster toward this goal.
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According to the Valkyrie exec, the possibility of an ETH or XRP spot ETF is much higher especially since spot Bitcoin ETFs are likely to be approved.
The Chief Investment Officer of Valkyrie Funds Steven McClurg has said that XRP exchange-traded funds (ETFs) are now a possibility. According to McClurg, the market could see XRP and Ethereum ETF proposals following the recent updates with Bitcoin spot ETFs and their approval likelihood.
McClurg stated in a Bloomberg interview:
“I even think we’re going to see something for Ripple, given the recent progress. You notice that Grayscale just added Ripple to one of their trusts as publicly traded, so it wouldn’t surprise me if we saw Ripple or Ethereum Spot ETFs out there.”
At the moment, there is no official mention of an XRP ETF from Ripple or any insiders. However, there are pending applications for spot Ethereum ETFs. For instance, giant asset management firm Grayscale Investments submitted a formal request for a spot Ethereum ETF to the United States Securities and Exchange Commission (SEC) last October. Grayscale wants to convert its Grayscale Ethereum Trust (ETHE) to an ETF through the New York Exchange (NYSE). Grayscale debuted the ETHE in March 2019. Early last month, the SEC extended its decision timeline on the ETF by 45 days. The SEC said it needs “a longer period within which to take action…so that it has sufficient time to consider the proposed rule change and the issues raised therein.” The new deadline is January 25, 2024.
In November, BlackRock Inc (NYSE: BLK) also filed for a spot ETH ETF with the SEC.
Currently at $2,421 according to CoinMarketCap data, ETH has gained nearly 6% this year and 55% over the last 3 months. XRP’s trajectory, on the other hand, has not been as positive. Although it gained more than 52% over the last year and 16% in 3 months, XRP has lost 9% since January, with the last 5 days alone accounting for more than 4%.
Last December, popular crypto analyst JD offered a very bullish prediction for XRP based on a Golden Cross pattern. Explaining that the Golden Cross happens when the shorter moving average crosses the longer, JD stated that this usually ushers in a heavy price breakout. XRP history shows that the asset jumped more than 700% on the first Golden Cross in November 2017 and nearly 1,000% the second time in April 2021. Based on these calculations, XRP could climb a whopping 2,000% to $14.
The crypto community is currently waiting on the SEC’s decision to spot Bitcoin ETFs. The Commission is expected to approve or reject the ARK/21Shares ETF today, which could set some precedence for other ETF applications. Just yesterday, BlackRock and VanEck refiled amended S-1 forms to address recent comments from the SEC. However, the addition of these comments has given a few observers cause for concern. Some are worried that the SEC could decide to delay approvals if individual members choose to exercise their rights for a full review.
BlackRock, a heavyweight asset manager, and financial firm Valkyrie updated their S-1 filings for a Bitcoin Exchange-Traded Fund (ETF) before the SEC deadline on Friday. The latest updates marked BlackRock’s and Valkyrie’s fifth amendments, respectively.
Bloomberg’s senior ETF analyst, Eric Balchunas, noted that BlackRock disclosed the names of its Authorized Participants (APs) in the document. It named Jane Street and JPMorgan as its APs. This positions BlackRock as the first Bitcoin ETF applicant to reveal its AP details. Within minutes, an update that Valkyrie named Jane and Cantor as its APs in updated S-1 filing hit the news. Along with BlackRock, they are now among the first contenders to officially reveal the APs. As per experts, the S-1 requirements didn’t mandate the applicants to reveal their AP names just yet.
Balchunas noted the ‘irony’ in BlackRock selecting JPMorgan as an AP in the filing, given that JPMorgan CEO Jamie Dimon has been a vocal critic of cryptocurrencies. In previous statements, Dimon has expressed skepticism about crypto, reportedly saying, “If I was the government, I’d close it down.”
The Securities and Exchange Commission (SEC) had set December 29 as the final deadline for ETF applicants to submit their last amendments for spot Bitcoin ETFs in S-1 filings. The deadline also loomed with questions about the cash-only model. The SEC mandates a “Cash Creates” model for spot Bitcoin ETFs. And many applicants have now adapted to the regulator’s preference.
On Friday, fund manager VanEck also submitted an updated filing for its spot Bitcoin ETF, coinciding with the launch of its new advertising campaign titled “Born to Bitcoin.”
Grayscale Investments, another key player in the spot ETF race, submitted an amended filing to the SEC on Tuesday. This filing came shortly after Barry Silbert, Grayscale Investments’ chairman, stepped down from his role.
Also Read: Bloomberg Analyst Corrects Crucial Spot Bitcoin ETF Misconception
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
CoinShares, a leading European crypto ETF issuer, has secured an exclusive option to acquire Valkyrie Funds from now until its expiry on March 31, 2024. It is a strategic move towards market leadership and bolstering a strong presence in the US, strengthening to create a global one-stop-shop in digital asset investments. Bloomberg analyst says it’s a big move.
According to a press release on November 16, CoinShares has secured an exclusive option to acquire Valkyrie Funds, the investment advisory business of Valkyrie Investments. The option to acquire Valkyrie Funds from Valkyrie Investments is active until March 31, 2024.
The acquisition of Valkyrie marks the entry of European crypto ETF issuer CoinShares into the U.S. market, strengthening digital asset management expertise globally.
Jean-Marie Mognetti, CEO of CoinShares, said:
“The global ETF market is fragmented. The establishment of crypto spot ETPs in Europe since 2015, a development about to be mirrored in the U.S., is the perfect illustration.”
Also Read: BlackRock Ethereum ETF Is Bearish Says Blockstream CEO Adam Back
Bloomberg analyst James Seyffart asserts potential acquisition of Valkyrie Funds by Coinshares is a big move for the companies, which will also bring ETF expertise to the US. He
Furthermore, Valkyrie Investments plans to incorporate CoinShares’ name if the U.S. SEC approves the Valkyrie Bitcoin Fund. Valkyrie has filed for a spot Bitcoin ETF with the U.S. SEC, with the conductive discussion hinting at potential approval triggering a massive rally in BTC price.
BTC price pares earlier gains, falling more than 3% in the past 24 hours, with the price currently trading at $36,400. The 24-hour high and low are $36,302 and $37,964, respectively. Furthermore, the trading volume has increased by 22% in the last 24 hours, indicating a rise in the interest of traders.
Also Read: Crypto Market Selloff – Here’s Why BTC, ETH, XRP, SOL Fell After BlackRock Ether ETF News
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Valkyrie CIO says that the SEC will ask for comments and possibly approve an ETF proposal this month after all issues are addressed.
A Valkyrie Investments exec has hinted at a strong possibility for a spot Bitcoin ETF approval this month. According to Chief Investment Officer (CIO) Steven McClurg, the United States Securities and Exchange Commission (SEC) will likely confirm an ETF approval by the end of the month.
McClurg is hopeful because applicants have adequately addressed issues of potential fraud and market manipulation, the main reason why the SEC has yet to approve any proposal. The Valkyrie CIO says the SEC may allow companies to make further comments and follow that with approval.
“Before anything else happens, we get a second round of comments, and I believe we’ll probably get those comments in the next one to three weeks,” said McClurg.
The CIO then added that a February launch is possible if approval comes in November.
Valkyrie, along with several others like BlackRock and Grayscale, have submitted applications to the SEC for a spot Bitcoin ETF. The Commission has been in communication with the applicants and is scrutinizing their proposals. Issues include risk disclosure, computation of Net Asset Value (NAV), and environment risk inclusions. A few applicants, including BlackRock and VanEck, have amended their filings to accommodate some of the SEC’s concerns.
However, Bitwise Asset Management CIO Matt Hougan says that experts are still not completely sure. According to Hougan, “market manipulation is still a potential stumbling block…Custody isn’t [necessarily] a wrap… so there’s still a lot of work to do.”
There are several speculations about the future of the Bitcoin market when the SEC eventually approves an ETF. McClurg, for instance, believes that the spot BTC ETF market will receive $10 billion within the first two months of launch. On the other hand, Hougan sees $50 billion in five years. The Bitwise exec believes these products will receive most of this inflow years later.
MicroStrategy Inc (NASDAQ: MSTR) Co-Founder and Executive Chairman Michael Saylor said he expects Bitcoin to jump 10x following SEC approval of a spot Bitcoin ETF. Saylor believes that the SEC’s loss against Grayscale and institutional interest in the asset are factors that will pump Bitcoin. He adds that this will happen when “banks on Wall Street and responsible custodians” begin managing Bitcoin and take attention away from “shiny little tokens that have distracted and demolished shareholder value.” Interestingly, MicroStrategy spent $5.3 million on Bitcoin in October, acquiring 155 BTC. The company now has a total of 158,400 BTC.
Bernstein Research has said that the SEC will approve a spot Bitcoin ETF by January 10 for the same reasons, including the upcoming Bitcoin halving expected next April. Furthermore, Bernstein says that Bitcoin could rise to $150,000 by 2025 if the SEC approves a spot ETF. According to Bernstein analyst Gautam Chhugani, a “dispassionate view of Bitcoin as a commodity.” Chhugani has a bullish prediction that up to 10% of Bitcoin’s circulating supply will enter the ETF market.
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Valkyrie Investments’ chief investment officer (CIO) Steven McClurg believes the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF by November end.
The approval of a spot ETF is crucial for the Bitcoin price rally and the crypto market’s bullish momentum.
Steven McClurg is confident about a spot Bitcoin ETF approval by the U.S. SEC this year, joining Galaxy Digital CEO Mike Novogratz.
Citing the latest amendments to Valkyrie’s spot Bitcoin ETF application, McClurg said the SEC is likely to issue another series of comments within the next weeks, potentially the approval of 19b-4 rule changes by the end of the month. He also argues that the SEC could wait until January to ask the applicants to put the final touches on their S-1 filings.
“Before anything else happens, we get a second round of comments, and I believe we’ll probably get those comments in the next one to three weeks. A late November approval likely means a February launch.”
Among financial giants BlackRock, Fidelity Investments, VanEck, and Invesco, Valkyrie is also one of the firms in the race to get approval on a spot Bitcoin ETF. The firm manages Valkyrie Bitcoin and Ether Strategy ETF and the Valkyrie Bitcoin Miners ETF, which with a combined asset value of more than $51 million and has an active filing for a spot Bitcoin ETF.
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Nate Geraci, host of ETF Prime said:
” Valkyrie CIO suggests SEC could approve 19b-4s (exchange rule changes) for spot bitcoin ETFs by end of November. And then S-1s (registration statements) early next year. These don’t have to be approved at same time (though need both for ETFs to begin trading).”
The SEC considering issues of market manipulation and custody remains a major question. But that’s fair, as approval will bring massive retail and institutional investments in just a few weeks of the launch.
Meanwhile, the SEC had its first closed meeting of the commissioners on November 2, since the Grayscale appeal deadline expired.
Also Read: Here’s Why Crypto Market And Bitcoin Price Are Falling Today
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As of late October, the SEC is reportedly reviewing eight to ten potential spot Bitcoin spot ETF filings.
Asset manager Valkyrie has recently made waves due to its decision to amend its prospectus for a spot Bitcoin (BTC) ETF filed with the US Securities and Exchange Commission (SEC).
James Seyffart, a renowned analyst at Bloomberg, shared this development on social media platform X, shedding light on Valkyrie’s efforts to meet the SEC’s requirements for its Bitcoin ETF. Valkyrie’s updated form S-1 registration statement is designed to provide investors with an opportunity to invest in common shares backed by Bitcoin.
These shares represent fractional undivided beneficial interests and ownership in the trust and are expected to trade under the ticker symbol “BRRR” on the Nasdaq Stock Market. It’s important to note that the information presented in this prospectus is subject to change, and Valkyrie is prohibited from selling BRRR securities until the registration statement becomes effective.
This latest amendment comes after the SEC decided to delay its decision on the Valkyrie Bitcoin Fund in late September. However, Valkyrie has been granted permission to convert its Bitcoin futures ETF to a two-for-one investment vehicle by combining Bitcoin and Ether futures contracts into a single contract. The company has already begun purchasing Ether futures contracts.
The move to update the Valkyrie spot Bitcoin ETF is consistent with similar amendments made by other notable players in the crypto space, including Bitwise, BlackRock Inc (NASDAQ: BLK), Fidelity Investments, Grayscale Investments, VanEck, and ARK Invest.
According to experts in the crypto ETF sector, these amendments are seen as a positive indication of progress towards impending approvals. This recent update from Valkyrie is further evidence of activity occurring behind the scenes, according to Seyffart.
Surprisingly, while Valkyrie and several other firms have updated their filings, a number of known spot Bitcoin ETF filers are yet to do so. WisdomTree, Invesco, Galaxy Digital, Global X, Hashdex, and Franklin Templeton are among those that have not updated their applications as of now.
As of late October, the SEC is reportedly reviewing eight to ten potential spot Bitcoin spot ETF filings. The agency’s chairman, Gary Gensler, acknowledged this in a statement, emphasizing the importance of regulatory considerations in the process.
Additionally, the SEC is planning a closed-door meeting to discuss Grayscale’s application for a spot Bitcoin ETF following a mandate from the U.S. Court of Appeals to revisit the decision. This meeting is expected to be pivotal in the ongoing journey toward approving these innovative investment products.
The crypto community is closely watching these developments, and the outcome of these discussions and decisions will undoubtedly have a significant impact on the future of cryptocurrency investments.
The November 2nd closed-door meeting at the SEC is a key event to watch, as it may bring us one step closer to the long-awaited approval of the first-ever Bitcoin spot ETF in the United States.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Valkyrie has filed an updated spot Bitcoin ETF prospectus, joining BlackRock, Fidelity, Ark Invest, and others seeking approval of the first spot Bitcoin ETF in the United States. The filing further indicates that the U.S. Securities and Exchange Commission (SEC) is in constructive talks with the issuers to consider approving a spot Bitcoin ETF.
Bloomberg analyst James Seyffart in a post on X revealed that asset management firm Valkyrie has updated its spot Bitcoin ETF as per the requirement of the U.S. SEC, similar to amendment by other spot Bitcoin ETF applicants.
“Valkyrie Funds joins the prospectus amendment train for their spot Bitcoin ETF. Things still moving behind the scenes.”
Spot Bitcoin ETF issuers including BlackRock, Ark Invest, and VanEck recently submitted updated prospectus with the SEC about risk disclosures, new language, seeding, and further context. VanEck highlighted plans to seed the BTC ETF with funds domiciled in physical BTC.
Bloomberg’s analysts further raised the odds of spot Bitcoin ETF approval to 90%. It followed after Ark Invest and 21Shares updated the Bitcoin ETF prospectus as a result of constructive talks with the U.S. SEC.
Also Read: Pro-XRP Lawyer Shares Exciting Development With XRP Army
Meanwhile, attorney Scott Johnsson shared that the SEC will have its first closed meeting of the commissioners on November 2, since the Grayscale appeal deadline expired. The agenda includes resolving litigation claims and admin proceedings.
Despite interest from the investors, it’s unclear if the SEC will upload comments or further amendments in response to recent changes to various spot Bitcoin ETF filings.
However, the SEC v. Ripple Labs will be likely discussed in the meeting, with the court’s November 9 deadline looms for SEC and Ripple to jointly propose a briefing schedule.
Also Read: Sam Bankman-Fried’s Attorneys Submit Jury Instructions In Hopes Of “Not Guilty” Verdict
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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