The latest development in the XRP ETF market scenario indicates that the legal battle between the US Securities and Exchange Commission and Ripple has not diminished institutional interest in XRP.
In a recent post on X, Ripple CEO Brad Garlinghouse indirectly projected this growing institutional interest in XRP as a win for the company against the regulatory. Curious to know more about the present XRP institutional investment landscape? Read on!
21Shares Files for XRP Spot ETF
Recently, 21Shares submitted an application to launch an XRP-based ETF. The proposed fund is named 21Shares Core XRP Trust. Coinbase Custody Trust Company will serve as the custodian of the XRP assets of the trust. Once the fund gets approval, it would be listed on the Cboe BZX exchange.
21Shares is not alone in its interest in launching an XRP-based ETF. Canary Capital and Bitwise are also key players planning similar ETFs.
Garlinghouse, in a recent X post, pointed out that increasing numbers of institutional players are moving forward to invest in XRP despite Ripple’s ongoing legal battle with the SEC. Reports note that at least three of the four filings for XRP institutional products last month were submitted after the SEC appealed a pro-Ripple Federal court ruling – which supported the company’s argument that XRP is not a security.
The Ripple CEO also hinted that even prominent players, like Grayscale Investments, are preparing to enter the XRP ETF market assertively. Reports suggest that Grayscale is planning to convert its multi-asset fund, which includes XRP, into an XRP spot-based ETF.
The CEO framed this growing institutional investment as a victory for the company against the regulator, arguing that the SEC’s legal opposition against Ripple could badly damage the credibility of the SEC within the crypto industry.
In conclusion, the rising number of XRP ETF filings reflects increased institutional interest in XRP despite ongoing regulatory challenges.
Stay tuned to Coinpedia for updates on the XRP ETF market!
Source: https://coinpedia.org/news/xrp-etf-news-institutional-demand-surges-amid-ripple-vs-sec-lawsuit/