“I wouldn’t be surprised if the next physical ETH or XRP ETF launches in the U.S.,” Valkyrie’s CIO said.

Cryptocurrency Spot ETF
On the 10th, Steven McClurg, Chief Investment Officer (CIO) of Valkyrie, an American cryptocurrency investment company, appeared on the ‘Bloomberg’ program and spoke about virtual currency spot ETFs (exchange-traded funds). The outlook was revealed. he said
At the time, he said, “I would not be surprised if a physical ETF for Ethereum (ETH) or Ripple (XRP) was created in the United States following Bitcoin (BTC).” On the 11th (Japan time), the U.S. Securities and Exchange Commission (SEC) approved the listing of Korea’s first Bitcoin spot ETF. Valkyrie’s Bitcoin ETF is also included.

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Connection: All 11 Bitcoin ETFs listed, SEC approves spot ETF for first time in U.S. history

What is an ETF?
Abbreviation for “Exchange Traded Fund.” This refers to an investment trust listed on the Financial Instruments Exchange, where various financial products as well as virtual currencies are traded.
Spot ETFs are receiving a lot of attention from investors because they actually own and manage virtual currencies.
Cryptocurrency Glossary

This program was recorded before the SEC approved a Bitcoin spot ETF. A Bloomberg interviewer said the above in response to a question about real financial products after Bitcoin.
McClurg pointed out that several companies have already applied for an Ethereum spot ETF. Last November, he received a lot of attention by submitting trust registration documents for the iShares Ethereum Trust to BlackRock, the largest asset management company in the United States.
Connection: ETH rises significantly, BlackRock applies to list spot Ethereum ETF.
He also mentioned “recent trends” regarding XRP. At the time, McClurg cited the example of Grayscale adjusting the portfolio of the basket-type investment trust ‘Grayscale Digital Large Cap Fund’, excluding Polygon (MATIC) and adding XRP and AVAX (Avalanche). .
Connected: Grayscale’s virtual currency basket investment trust adds XRP for first time in three years.
Moreover, he said, “I don’t know if they will offer physical ETFs for Ethereum and XRP.”
Spot ETF application
Applications for the following seven Ethereum spot ETFs have already been confirmed: As with Bitcoin, the SEC has uniformly delayed approval or disapproval of Ethereum spot ETFs.

The SEC recently approved 11 Bitcoin spot ETFs all simultaneously. Initially, there was a view that multiple products would be approved simultaneously to ensure fairness, but experts reaffirmed that “the SEC will strategically conduct individual reviews to avoid giving an advantage to a specific applicant.” “They adopted a policy of delaying the process and approving multiple ETFs at the same time.”
Connect: Learn about Bitcoin ETFs from the beginning: We explain the pros and cons of investing, and how to buy US stocks.
The Ethereum spot ETF was mentioned in a report released this month by British financial giant Standard Chartered Bank. At the time, it was expressed the view that approval would be possible in the second quarter of 2024 (April to June).
Related: “More than 14 trillion yen is likely to flow into Bitcoin spot ETFs this year” Standard Chartered Bank analysis
The bank said that SEC Chairman Gary Gensler had previously stated that “virtual currencies other than Bitcoin may also fall into the category of securities.” When he sued the exchange for violating securities laws, he pointed out that it did not mention Ethereum as a securities example.
Like Bitcoin, the SEC previously approved an Ethereum futures ETF.
Related: SEC takes no appeal in Grayscale Bitcoin ETF conversion lawsuit.
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“I wouldn’t be surprised if the next physical ETH or XRP ETF launches in the U.S.,” Valkyrie’s CIO said. First appeared on Our Bitcoin News