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Grayscale’s XRP Trust has achieved an 11.44% NAV growth since its launch, highlighting increasing institutional interest in XRP.
In a recent post on X, popular crypto pundit Moses brought to public notice that the net asset value (NAV) of the XRP Trust by Grayscale had surged to $11.77, stressing that it signals strong momentum.
Commenters to the post shared a similar sentiment, noting the growth reflecting expanding institutional interest in XRP.
Grayscale XRP Trust Sees 11.44% Growth Since Launch
Indeed, the trust’s NAV per share has been on the rise since launching last week. At the end of business on September 6, the NAV had dipped to $10.31. Four days later, it moved to $10.81 before a slight correction. By September 12, the NAV saw a fresh uptick, rising to $11.25.
The XRP Trust maintained the momentum, reaching $11.77 on Tuesday, September 17. However, at the end of trading yesterday, the value had dropped to $11.49. According to Grayscale’s data, the XRP Trust’s NAV per share one-day percentage change is a negative 2.38%.
Interestingly, this negative growth comes despite Grayscale’s announcement yesterday that it had reopened private placement offerings for XRP and several other cryptocurrency trusts. The reopening allowed accredited investors to subscribe to shares of 18 key cryptocurrency trusts, including XRP.
While the performance has dipped as of Wednesday, the current value is still significantly improved from last week’s figure. To put it in perspective, the growth from $10.31 to the current $11.49 represents an 11.44% increase.
Meanwhile, it pales in comparison to other trusts by Grayscale, such as the SUI Trust, which also launched recently.
SUI Trust Beats XRP
Remarkably, the Grayscale SUI Trust has seen a significant NAV per share 24-hour positive change of 7.85%, while that of XRP dipped by 2.38% during the same period.
The massive discrepancy may be explained by the fact that XRP’s value briefly dipped to just around $0.56 yesterday before recovering to $0.585 with 1.15% growth. On the other hand, SUI’s market price is up by over 13% today.
At press time, the Grayscale XRP Trust had assets under management of $646,729, a notable increase from yesterday’s $622,000 figure.