The SEC’s recent approval of Grayscale’s large-cap digital asset ETF is a big deal. This ETF, holding Bitcoin, Ether, XRP, Solana, and Cardano, is now trading on the NYSE. This is significant because it’s the largest multi-token digital asset ETF approved in the US.
Expert Predictions: Soon, Maybe?
Market analyst Nate Geraci believes this approval paves the way for individual ETFs focused on XRP, Solana (SOL), and Cardano (ADA). He thinks the SEC’s new guidance on crypto-ETF disclosures makes this almost certain. He even calls it a “full circle” moment, especially considering the long-running SEC vs. Ripple lawsuit.
Geraci predicts that these single-asset ETFs will be available sooner than later, with Q4 2024 being the absolute latest.
A Streamlined Approval Process?
Fox Business reports that the SEC is working on a simpler process for listing token-based ETFs. This “generic listing standard” could drastically speed up approvals, potentially allowing ETFs to launch just 75 days after filing. This would make it much easier for new crypto ETFs to hit the market.
Bloomberg Intelligence analysts are optimistic, predicting a 95% chance of approval for XRP, Solana, and Cardano ETFs. They believe this new process will lead to a flood of new crypto ETFs. However, they also acknowledge that regulatory approval doesn’t guarantee commercial success; there’s still the question of market demand.
The Bottom Line: When, Not If
The big question isn’t if these single-asset altcoin ETFs will launch, but when
. The timeline depends on how quickly the SEC finalizes the new listing standards and how fast companies can get their applications processed. But with the recent developments, it seems likely we’ll see them sometime this year. At the time of writing, XRP was trading at $2.19./p>
