Grayscale will launch the first US XRP trust, Fox Business reported. The move paves the way for a potential spot XRP ETF.
Crypto asset manager Grayscale is taking the first step toward launching an XRP exchange-traded fund, FOX Business has learned.
The report stated that Grayscale will announce the launch of the first US XRP trust, which will offer accredited investors direct exposure to XRP.
Two of Grayscale’s investment trusts, the Bitcoin (BTC) and Ethereum (ETH) Trusts, have both converted to ETFs this year. Given Grayscale’s success, it’s possible the company’s XRP trust could also become an ETF.
At this point, XRP investors are waiting for asset managers like Grayscale or BlackRock to apply for an XRP ETF following the launch of Bitcoin and Ethereum products.
While some experts say that the XRP ETF is unlikely to receive approval, others think that the SEC will eventually approve a spot XRP ETF.
We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale $XRP Trust, which will be available through private placement.
Available to eligible accredited investors.
Read the press release: https://t.co/rOmVPUSFxZ pic.twitter.com/WEhk849RmT
— Grayscale (@Grayscale) September 12, 2024
*This is not investment advice.
