Steven McClurg, the Chief Investment Officer of Valkyrie Funds, has suggested that exchange-traded funds (ETFs) for XRP and Ethereum could be on the horizon. This follows the recent developments surrounding Bitcoin spot ETFs and their potential approval. McClurg expressed his belief in a Bloomberg interview that we might see ETFs for Ripple and Ethereum, especially given Grayscale’s recent addition of Ripple to one of their publicly traded trusts.
While there has been no official announcement of an XRP ETF from Ripple or any insiders, there are ongoing applications for spot Ethereum ETFs. Grayscale Investments, a major asset management firm, submitted a formal request for a spot Ethereum ETF to the United States Securities and Exchange Commission (SEC) in October. Grayscale aims to convert its Grayscale Ethereum Trust (ETHE) to an ETF through the New York Exchange (NYSE). The SEC has extended its decision timeline on the ETF by 45 days, stating the need for more time to consider the proposed rule change and the issues raised. The new deadline is January 25, 2024.
BlackRock Inc also filed for a spot ETH ETF with the SEC in November. Meanwhile, the crypto market is eagerly awaiting the SEC’s decision on spot Bitcoin ETFs. The Commission is expected to approve or reject the ARK/21Shares ETF soon, which could set a precedent for other ETF applications. BlackRock and VanEck recently refiled amended S-1 forms to address recent comments from the SEC, causing some observers to worry that the SEC might delay approvals if individual members opt for a full review.
On the market front, ETH has seen a nearly 6% gain this year and a 55% increase over the last three months, according to CoinMarketCap data. XRP, however, has not fared as well, losing 9% since January, with more than 4% of that loss occurring in the last five days. Despite this, XRP has gained more than 52% over the last year and 16% in the last three months. Crypto analyst JD has predicted a significant price breakout for XRP based on a Golden Cross pattern, suggesting that XRP could potentially climb 2,000% to $14.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | JD, Steven McClurg |
| Companies | Grayscale Investments, BlackRock Inc, New York Exchange, United States Securities and Exchange Commission, Valkyrie Funds |
| Currencies | Ethereum, Bitcoin, XRP |
| Securities | NYSE: BLK |
