Get ready for new spot ETFs, hints President Nate Geraci
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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. In addition to crypto index fund uplistings from Grayscale & Bitwise, there are currently spot ETF filings for the following… -SOL-XRP-HBAR Guessing at least one issuer takes a flier on ADA or AVAX ETF as well. — Nate Geraci (@NateGeraci) November 21, 2024 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 – Cardano emphasizes the security and scalability involved in its…
Filed under: News - @ November 21, 2024 5:24 am