Greetings, everyone! While Bitcoin is currently in the spotlight due to the anticipation of a spot ETF launching at the end of this year or early next year, we’re here to explore what others might be missing in the world of cryptocurrency investments. Don’t be blinded by the Bitcoin hype; there’s more to discover. Let’s dive into the potential for other spot ETFs and which coins could be next in line.
Bitcoin’s Spot ETF:
The granddaddy of cryptocurrencies, Bitcoin, may witness its first spot ETF approval this year. Notably, Scott Johnsson, a finance attorney, shared intriguing news about a closed meeting on November 2nd.
The meeting discussed administrative actions, the resolution of litigation claims, and marked a potential turning point for the approval of Grayscale’s Bitcoin ETF.
Ethereum’s Spot ETF:
But this Bullrun isn’t just about Bitcoin. Ethereum, the second-largest cryptocurrency, is also on the verge of getting its spot ETF. In early October, Ethereum saw its first ETFs hit the market, marking a significant step toward a spot ETF.
Grayscale, the same company in discussion for Bitcoin’s ETF, recently filed to convert its Ethereum trust, ETHE, into an Ethereum ETF. The SEC has accepted the application, and a decision is expected within 240 days, possibly by late May.
Other Competing ETFs:
Ethereum is not alone in this race. Vaneck and Ark Invest filed for Ethereum spot ETFs, with potential approval by May 2024. In late September, Invesco and Galaxy Digital also jumped into the competition. With a promising future in blockchain, BlackRock, a financial giant, could be eyeing an Ethereum ETF given its previous blockchain-related activities.
Speculation on Altcoin ETFs:
Now, let’s speculate on the altcoins that could follow suit. Grayscale’s most valuable investment products, apart from Bitcoin and Ethereum, are Bitcoin forks like Litecoin and Ethereum Classic, along with Bitcoin Cash, ZCash, and Stellar Lumens.
These may be the next in line for ETF conversion. Eventually, other Grayscale products like Basic Attention Token, Chainlink, Decentraland, Filecoin, Horizen, Livepeer, and Solana might apply for ETFs as well.
The future of cryptocurrency investments is becoming increasingly exciting with the potential approval of ETFs for Bitcoin and Ethereum. Keep an eye out for the developments, and feel free to share your thoughts in the comments.
Exciting Developments in Crypto ETFs