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XRP ETF Likely After Bitcoin Approval, Valkyrie's Investment Chief Says

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Tue, 9/01/2024 - 19:49
XRP ETF Likely After Bitcoin Approval, Valkyrie's Investment Chief Says
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In a recent Bloomberg interview, Valkyrie Funds' co-founder and chief investment officer, Steve McClurg, hinted at the possibility of the approval of Ethereum or XRP exchange-traded funds (ETFs) following the anticipated launch of Bitcoin spot ETFs. 

"So, it wouldn't surprise me if we saw Ripple or Ethereum spot ETFs out there," he said. 

This prediction comes in the wake of the U.S. Securities and Exchange Commission (SEC) likely giving the green light for Valkyrie's Bitcoin ETF, with trading expected to commence as early as Thursday.

However, McClurg is not certain whether Valkyrie is going to launch such products in the future. " I really don't know if we're going to do that or not," he added.  

More spot ETFs on the horizon? 

McClurg's optimism about Ethereum and Ripple ETFs is backed by recent market developments.

He pointed out that Grayscale's addition of XRP to one of their publicly traded trusts shows a growing interest in diversified cryptocurrency investment products.

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Valkyrie has not confirmed plans to pursue these specific ETFs, McClurg believes that the market is ripe for such offerings. 

He emphasized that these potential ETFs could be more retail-focused, providing easier access to a broader range of investors who may not be deeply embedded in the cryptocurrency market.

"Anything can happen"

However, McClurg cautioned that the SEC's decision-making process is unpredictable, and the agency's approval is never guaranteed. 

Valkyrie is prepared to launch its Bitcoin ETF, but McClurg remains cautiously optimistic, acknowledging that "anything can happen" in the regulatory landscape.

"We're prepared for an effective date on Wednesday and trading on Thursday, but we know that anything can happen. So I'm about 95% sure that we will be trading on Thursday," he said. 

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