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- Steven McClurg of Valkyrie Investments anticipates an increase in applications for Ethereum and possibly Ripple following the approval of the Bitcoin ETF.
- The crypto community is showing heightened interest in the possibility of an XRP ETF following Grayscale’s decision to reintegrate Ripple into its Large Cap Digital Fund.
Following the impending approval of the first Bitcoin ETFs by the SEC, Steven McClurg, CIO of Valkyrie Investments, envisions a transformative shift in the cryptocurrency investment sector, with a focus on other significant digital assets such as Ethereum and XRP.
Valkyrie’s Role in the Paradigm Shift
Valkyrie Investments, one of 11 applicants awaiting SEC approval for its Bitcoin ETF, anticipates a rapid change in industry dynamics. Steven McClurg predicts Bitcoin ETF approval and the start of trading.
Outlook for XRP ETF Applications
In a recent appearance on Bloomberg Crypto, McClurg shared thoughts on potential XRP ETF applications. He hinted at the likelihood of increased applications for Ethereum and even Ripple, pointing to recent developments such as Grayscale’s inclusion of Ripple in its publicly traded securities trust.
Expectation in the Community about the XRP ETF
Recent community attention toward an XRP ETF intensified with Grayscale Investments’ decision to reintegrate the cryptocurrency into its Global Large Scale Digital Asset Fund (GDLC). Despite claims of an XRP ETP from Fidelity Investments, these reports were inaccurate, and Fidelity currently features the 21Shares XRP ETP on the SIX Swiss Exchange.
Challenges and Skepticism
Not all experts share the optimism regarding an XRP ETF. Bloomberg ETF analyst James Seyffart expressed caution, citing SEC scrutiny and the requirement that the Chicago Mercantile Exchange (CME) list XRP futures on a regulated market of sufficient size.
The potential for an XRP ETF depends on market demand and the interplay of regulatory milestones. The regulatory challenges and scrutiny facing XRP place its ETF prospects in a complex and nuanced environment.
