Launching the First XRP, HBAR, & Litecoin Spot ETFs! with Steven McClurg

Nov 13, 2025

Steven McClurg, CEO of Canary Capital and a seasoned ETF manager, dives into the launch of crypto spot ETFs for XRP, HBAR, and Litecoin. He shares insights on the crypto ETF market's future and the U.S. Treasury's recent approval of staking in ETFs. Steven emphasizes why Canary chose these specific altcoins, discussing their unique use cases and potential. Additionally, he compares Digital Asset Treasuries to ETFs, explaining why ETFs offer superior exposure. The conversation also touches on traditional finance's shift towards tokenization and the evolving landscape of crypto investments.

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INSIGHT

Targeting Category Winners

Canary targeted altcoin ETFs by identifying category winners with clear utility and potential network effects.
Steven McClurg chose Litecoin, HBAR, Solana, and XRP because each fills a distinct role in payments, enterprise, or dApp ecosystems.

INSIGHT

Crypto As A Macro Play

McClurg frames crypto as a macro trade tied to global monetary rails and supply dynamics rather than purely speculative assets.
He highlights onboarding (wallet adoption) as a key driver of value via network effects over time.

ADVICE

Assess Activity Plus Potential

Evaluate tokens by current on-chain activity and by unrealized potential for user growth and developer adoption.
Favor projects with clear enterprise or financial-rail use cases when seeking durable ETF candidates.

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