- Investors in the United States finally have access to what is being billed as the first US-listed ETF, giving spot exposure to Ripple’s XRP via the REX-Osprey XRP ETF (XRPR)
- REX Shares, in partnership with Osprey Funds, has launched XRPR under a Registered Investment Company (RIC) framework governed by the Investment Company Act of 1940
- Beyond XRPR, several large issuers have spot XRP ETF applications in the pipeline, with final decision deadlines in October
Investors in the United States finally have access to what issuers describe as the first U.S.-listed spot XRP ETF, giving spot exposure via the REX-Osprey XRP ETF (ticker: XRPR).
Alongside it, a Dogecoin ETF (DOJE) also launched, making this a major milestone for altcoins beyond Bitcoin and Ethereum.
REX Shares, in partnership with Osprey Funds, has launched XRPR under a Registered Investment Company (RIC) framework governed by the Investment Company Act of 1940.
The fund seeks to hold a majority of its assets directly in spot XRP. However, it is not a fully pure spot product since it also allocates some portion of assets to other exchange-traded products backed by XRP, and may use derivatives in certain situations.
A wave of ETF applications
The XRP community seems to have a lot to be excited about in the near future.
The US Securities and Exchange Commission (SEC) has recently approved rule changes simplifying how spot crypto ETFs get listed, allowing certain exchanges to adopt generic listing standards.
Then, beyond XRPR, several large issuers have spot XRP ETF applications in the pipeline, with final decision deadlines in October. Notable names include Grayscale, 21Shares, Bitwise, WisdomTree, Franklin Templeton, and CoinShares, among others.
In addition to the expanding market for ETFs, the availability of derivative instruments is growing. The CME Group has announced its intention to list options on XRP futures, with a planned start date of October 13, pending regulatory approval.
The legal cloud hanging over Ripple has finally lifted, thanks to a series of recent court decisions, removing any legal uncertainty that had previously discouraged many ETF issuers from pursuing an XRP product.
Related: XRP and Dogecoin ETFs To Arrive in U.S. Markets Under SEC’s 1940 Act Rules
As for XRP itself, it has been trading above $3 in the lead-up to today’s launch, and is currently at around $3.12, representing a boost of approximately 3.5% in the last 24 hours.
That said, if XRPR and DOJE see strong demand, it could signal to the SEC that the market is ready and might increase the odds of approving other major spot XRP ETF applications in October.
Either way, with XRPR’s debut, expanding derivatives, and looming ETF applications, XRP seems to be stepping firmly into the traditional finance arena.
Related: XRP ETFs and CME Options: Is Wall Street Finally Paying Attention?
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Source: https://coinedition.com/xrpr-first-us-xrp-etf-1940-act/
