The crypto market could see a genuine exchange-traded fund (ETF) tracking the price of XRP soon, as a top executive at Valkyrie, a firm with a Bitcoin spot ETF application, hinted.
In particular, Steve McClurg, the Chief Investment Officer of Valkyrie, shared this optimistic perspective during a recent interview on Bloomberg.
The context of the conversation was the assurance that firms that have filed for Bitcoin spot ETF would get the license to commence trading on Thursday, January 11.
Therefore, a Bloomberg journalist asked Steve McClurg about the timeline for similar investment vehicles for other cryptocurrencies, with the U.S. SEC approving Bitcoin spot ETFs.
XRP ETF is Likely
In response, the Valkyrie executive stated that there would be numerous filings for Ethereum-based ETFs. Furthermore, he suggested the possibility of a similar development for XRP due to recent advancements.
Specifically, McClurg pointed out the inclusion of XRP in one of Grayscale’s publicly traded trusts as an indicator. In his words:
“You notice that Grayscale just added XRP to one of their trusts publicly traded. So it wouldn’t surprise me if we saw Ripple [XRP] or Ethereum spot ETFs out there.”
Pro-crypto Fox journalist Eleanor Terrett called attention to McClurg’s statement in a recent tweet.
?NEW: @ValkyrieFunds Chief Investment Officer @stevenmcclurg says it wouldn’t surprise him if he saw “Ripple” ($XRP) and Ethereum spot ETFs coming to market now that the @SECGov is about to approve one for Bitcoin. pic.twitter.com/EBcwvbgChs
— Eleanor Terrett (@EleanorTerrett) January 9, 2024
Notably, the Valkyrie executive was referring to Grayscale’s reintroduction of XRP to its Digital Large Cap Fund, which The Crypto Basic reported.
In 2021, Grayscale severed ties with XRP in the aftermath of the SEC’s lawsuit. However, the recent U.S. court judgment that XRP is not a security has emboldened Grayscale to reinstate XRP.
The development triggered speculation that an XRP ETF might be in the offing, especially considering Grayscale’s recent sponsorship of XRP’s price coverage alongside Bitcoin on a U.S. television program.
Besides, Grayscale has submitted applications for spot ETFs for Bitcoin and Ethereum, both of which enjoy positive regulatory standing in the United States, akin to XRP.
Nonetheless, the Valkyrie executive expressed uncertainty about Valkyrie filing for an XRP spot ETF. Yet, he emphasized that anything could happen in the unpredictable nature of the financial market.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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