Steve McClurg’s Insights
According to Steve McClurg, the Chief Investment Officer of Valkyrie, there is optimism about the potential increase in spot crypto ETFs following the approval of Bitcoin ETFs. McClurg specifically mentioned Ethereum and Ripple (XRP) as likely candidates for future spot ETFs.
Future of Spot ETFs
McClurg highlighted the recent addition of Ripple to one of Grayscale’s publicly traded trusts, suggesting the possibility of Ripple spot ETFs. He noted that while Valkyrie hasn’t decided whether to pursue these assets, the market’s dynamic nature means anything is possible.
Spot Bitcoin ETF Launch
Addressing the timeline for their spot Bitcoin ETF launch, McClurg indicated that Valkyrie is prepared for an effective date on Wednesday, with trading potentially starting as early as Thursday. Despite the SEC’s cautious approach, McClurg expressed a high degree of confidence, estimating a 95% likelihood that trading for the spot Bitcoin ETF would commence on Thursday.
SEC’s Unpredictable Nature
McClurg highlighted the unpredictable nature of the SEC’s decision-making process, emphasizing that the agency tends to hedge its statements without committing to specific timelines. Despite this uncertainty, Valkyrie remains prepared for a swift launch, indicating readiness to adapt to the SEC’s final decision.
Hot Take
Steve McClurg of Valkyrie expressed optimism about the potential increase in spot crypto ETFs and the launch of their Bitcoin ETF. He also highlighted the possibility of Ethereum and Ripple spot ETFs in the future. Despite the SEC’s unpredictability, Valkyrie is ready for a rapid launch of the Bitcoin ETF.
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