Get ready for new spot ETFs, hints President Nate Geraci
Nate Geraci, President of the ETF store, shared that major players are interested in new crypto index funds.
In a recent X post, Nate Geraci shared that established asset managers like Grayscale and Bitwise are open to new crypto index funds with a focus on Solana (SOL), Ripple (XRP) and Hedera (HBAR). This is a step in the right direction, as believed by the crypto community, as asset managers are beginning to look beyond just Bitcoin and Ethereum. Geraci noted that asset managers are looking to expand their portfolios to include other popular digital currencies in the exchange-traded funds market.
The move toward altcoin ETFs indicates a growing interest among institutional investors seeking more diverse exposure to cryptocurrencies. SOL has gained attention due to its scalability and lower transaction fees. VanEck recently filed a spot ETF to capitalize on its growing ecosystem.
On the other hand, XRP has been in the headlines after attaining clarity regarding legality over its status as a security, which led to Bitwise asset management filing for an XRP spot ETF, showing their confidence in the prospect of the asset going long-term. Moreover, earlier this month, HBAR, powered by a robust distributed ledger, is one of the assets attracting ETF filing, in which Canary Capital submitted an S-1 registration statement, typically used during initial public offerings.
Geraci also surmised that issuers might soon begin filing for other well-known cryptocurrencies, such as Cardano (ADA) and Avalanche (AVAX). Both assets come with robust blockchain ecosystems. ADA emphasizes the security and scalability involved in its proof-of-stake consensus. At the same time, AVAX stands out for sub-second finality and a multi-chain architecture.
Still, as the need for crypto exposure increases and regulatory clarity improves, market participants remain optimistic that 2024 could witness a breakthrough for more altcoin ETFs.
