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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/rOmVPUSFxZpic.twitter.com/WEhk849RmT
— Grayscale (@Grayscale) September 12, 2024
*This is not investment advice.