The Valkyrie Bitcoin Strategy ETF , an actively managed product that holds a mix of front-month bitcoin futures contracts, Treasurys, corporate bonds and cash, followed in ProShares’ footsteps last week.
“I don’t think we see a bitcoin spot ETF until at least middle of next year,” McClurg said.
More than a dozen firms have filed for ETFs tracking bitcoin itself, but none have received SEC approval due to regulatory concerns including issues around custody.
“We’ve been trading within a penny out there,” he said.