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Valkyrie CIO Steve McClurg on Potential XRP and Ethereum Spot ETFs and Spot Bitcoin ETF Launch

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Steve McClurg, the Chief Investment Officer of Valkyrie, shared his insights on the future of crypto spot Exchange-Traded Funds (ETFs) and the anticipated launch of their Bitcoin ETF during an interview on “Bloomberg Crypto” with Sonali Basak and Kailey Leinz on 9 January 2024

McClurg expressed optimism about the potential increase in spot crypto ETFs following the approval of Bitcoin ETFs. He specifically mentioned Ethereum and Ripple (XRP) as likely candidates for future spot ETFs. McClurg highlighted the recent addition of Ripple to one of Grayscale’s publicly traded trusts, suggesting that this development could pave the way for Ripple spot ETFs:

I even think we might see something for Ripple given the recent progress. You notice that Grayscale just added Ripple to one of their trusts publicly traded. So it wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there.

He noted that while Valkyrie hasn’t decided whether to pursue these assets, the market’s dynamic nature means anything is possible.

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. He clarified that the Securities and Exchange Commission (SEC) does not typically provide concrete approval timelines but maintains a cautious approach. Despite this, McClurg expressed a high degree of confidence, estimating a 95% likelihood that trading for the spot Bitcoin ETF would commence on Thursday.

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.

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