Valkyrie Sees Potential for Ethereum and Ripple ETFs Following Bitcoin Approval
According to Steven McClurg, the filings for exchange-traded funds (ETFs) that track the prices of Ethereum (ETH) and Ripple (XRP) could come after a Bitcoin (BTC) ETF is approved. He believes that the inclusion of XRP in Grayscale’s Digital Large Cap fund (GDLC) and the progress of XRP are positive signs for a potential ETF.
Why Did Grayscale Add Ripple to Crypto Fund?
McClurg states that Valkyrie is not worried about competition from established players like BlackRock. He believes that customers will choose companies that specialize in their market segment and excel at what they do.
Grayscale Could Launch Ripple Fund
Grayscale was the first to offer institutional access to Bitcoin through its Grayscale Bitcoin Trust (GBTC) in 2013. The trust’s shares traded at a premium, making them more expensive than buying the equivalent amount of BTC on spot markets. However, since March 2021, GBTC has been trading at a discount. Grayscale hopes to fix this discount by converting the trust into an ETF if approved by the SEC.
The XRP community sees Grayscale’s inclusion of XRP in GDLC as a positive sign for a potential trust and ETF dedicated to XRP.
Hot Take: Grayscale’s Move Signals Growing Institutional Interest in XRP
The re-addition of XRP to Grayscale’s Digital Large Cap fund indicates a shift in sentiment toward the asset’s suitability for institutional investors. This move, along with the potential approval of a Bitcoin ETF, suggests growing interest and acceptance of cryptocurrencies within traditional financial markets. It remains to be seen how regulators will respond to these developments and whether they will pave the way for more crypto ETFs in the future.
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