What to know:
- Grayscale Investments has filed an application with the SEC to convert its XRP Trust into an ETF for listing on the New York Stock Exchange.
- The proposed ETF would continue to hold XRP as its primary asset and track its performance on a price return basis.
Ah, the grand spectacle of finance! Grayscale Investments, that titan of crypto, has decided to tango with the Securities and Exchange Commission (SEC) in a daring bid to transform its XRP Trust into an exchange-traded fund (ETF). Yes, folks, they’re aiming for the glittering lights of the New York Stock Exchange (NYSE) — because who doesn’t want to be part of the Wall Street circus? 🎪
This existing product, a humble Delaware statutory trust, is already managing a staggering $16 million worth of XRP. The proposed ETF promises to keep XRP as its prized possession, tracking its performance like a hawk eyeing a particularly juicy rabbit. 🐇 But wait, there’s a catch! Operational fees will be lurking in the shadows, ready to pounce on your returns.
And it’s not just Grayscale throwing its hat into the ring! Other firms like CoinShares and Bitwise are also clamoring for a piece of the XRP ETF pie, signaling that institutional investors are developing quite the appetite for these structured investment products. Who knew crypto could be so… appetizing? 🍰
Earlier this year, Ripple Labs’ president, Monica Long, hinted that an XRP ETF could soon be a reality under the new Trump administration. Yes, the same administration that promised to sprinkle some crypto innovation fairy dust over the U.S. and support local businesses. Because nothing says “support” like a good ol’ ETF, right? 🙄
Meanwhile, trading volumes on XRP-native applications are soaring like a kite in a hurricane! Swap volumes on the XRP Ledger’s decentralized exchange (DEX) have crossed the $400 million mark in January, and they’re not stopping there — they’ve even breached the $1 billion milestone for the first time since the automated market maker feature launched in May. Some are calling 2024 a “monumental” year for the token. Monumental, indeed! 🎉
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2025-01-31 09:23