XRP’s potential approval for exchange-traded funds (ETFs) is hinted by Steve McClurg, Chief Investment Officer of Valkyrie Funds. In a recent interview with Bloomberg, McClurg shared his anticipation that the launch of Bitcoin spot ETFs might pave the way for the approval of Ethereum or XRP ETFs. He stated, “So, it wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there.”
This forecast coincides with the imminent approval of Valkyrie’s Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), with trading anticipated to commence as early as Thursday. Despite this, McClurg remains uncertain about Valkyrie’s potential launch of Ethereum or Ripple ETFs, noting, “I really don’t know if we’re going to do that or not.”
XRP’s Role In McClurg’s Optimism For Ethereum And Ripple ETFs
McClurg’s optimism regarding the prospect of Ethereum and Ripple ETFs is rooted in recent market trends. He highlighted Grayscale’s inclusion of XRP in one of its publicly traded trusts as evidence of a growing interest in diversified cryptocurrency investment products.
While Valkyrie has not officially confirmed plans for these specific ETFs, McClurg believes the market is conducive to such offerings. He stressed that these potential ETFs could cater to a more retail-oriented audience, offering easier access to a broader range of investors less entrenched in the cryptocurrency market.
However, McClurg cautioned that the SEC’s decision-making process is unpredictable, and approval is never guaranteed. Despite Valkyrie’s readiness to launch its Bitcoin ETF, McClurg remains cautiously optimistic, acknowledging the inherent uncertainties in the regulatory landscape.
He stated, “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.”