Grayscale Unveils First XRP Trust In The US, ETF Ahead?
12 Setembro 2024 - 11:47AM
NEWSBTC
Grayscale, a leading cryptocurrency asset manager, unveiled the
first XRP trust in the US, propelling the token’s price by 8% to
$0.57 at press time. Related Reading: Analyst Says Bitcoin Is In A
‘Healthier’ Place Now, Here’s Why XRP Trust Announced, Is The XRP
ETF Incoming? Digital assets manager Grayscale today announced the
launch of a closed-end XRP trust in the US, paving the way for
institutional investors to gain exposure to the top 10
cryptocurrencies, an official announcement by Ripple
confirms. Commenting on the development, Rayhaneh
Sharif-Askary, Grayscale’s Head of Product & Research, said: We
believe Grayscale XRP Trust gives investors exposure to a protocol
with an important real-world use case. By facilitating cross-border
payments that take just seconds to complete, XRP has the potential
to transform the legacy financial infrastructure. For the
uninitiated, a closed-end trust differs from an exchange-traded
fund (ETF) because it allows certain investors to gain exposure to
the underlying asset with relatively fewer regulatory constraints.
On the other hand, an ETF approval requires several checks from
regulators – in this case, from the US Securities and Exchange
Commission (SEC) before they are made available to investors. That
being said, it’s worth highlighting that an approved trust holds
the potential to transform into an ETF with the required regulatory
approvals. For example, Grayscale’s single-asset investment trusts
– Bitcoin (BTC) and Ethereum (ETH) – were given the go-ahead to
become ETFs earlier this year. Related Reading: 11% Of
Bitcoin Supply In Coinbase’s Hands: Analyzing The Potential Risks
As a result, it won’t be surprising to see an XRP ETF in the US
sometime soon. The fact that Grayscale has published an intended
four-phase product life cycle for its newly unveiled XRP trust
further gives weight to the possibility of an XRP ETF shortly.
Interestingly, the XRP trust’s launch comes when its parent
company, Ripple, is tackling multiple legal battles with the US
SEC. XRP’s price following the announcement skyrocketed by 8%,
currently at $0.57. Featured image from Zebpay.com, Chart from
Tradingview
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