NEW YORK - The investment community is eagerly awaiting the U.S. Securities and Exchange Commission's (SEC) decision on Valkyrie's spot Bitcoin exchange-traded fund (ETF), which could be approved as soon as tomorrow, with trading potentially kicking off the following day. Valkyrie, a firm with a solid footing in digital asset management, is poised to introduce its spot Bitcoin ETF (TSX:EBIT) under the ticker symbol BRRR.
Steven McClurg, Valkyrie's co-founder, has expressed a positive outlook on the SEC's imminent decision, drawing from previous engagements with the regulatory body. He has underscored the significance of cash redemption models, which he believes are instrumental in expanding investor access to ETF markets.
In the wake of the SEC's lawsuit against Coinbase (NASDAQ:COIN), Valkyrie has been keen to distinguish its operations, underscoring Coinbase's role as merely a custodian within its framework, thereby distancing its product from the ongoing regulatory scrutiny. The company remains steadfast in its confidence in their offering, despite the broader industry's regulatory hurdles.
Valkyrie is setting its sights on attracting a diverse investor base, which includes both retail and institutional participants. The company has structured its fee at 0.80%, a competitive rate, particularly in the areas of Bitcoin storage and security protocols.
With the anticipation building around the SEC's decision, Valkyrie is preparing for what they foresee as significant market inflow into their fund soon after the commencement of trading.
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