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The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.
One of the world's leading crypto fund managers, Grayscale, on Thursday, announced its plans to launch a closed-end XRP trust in the US, seeking to allow accredited investors to buy shares that track the price of the XRP token. The new Grayscale XRP Trust could potentially lay the ground for an XRP-based exchange-traded fund (ETF) in the United States, subject to the Securities and Exchange Commission (SEC) approval.
TL;DR Grayscale has launched the XRP Trust, the first closed-end XRP trust in the U.S., targeting accredited investors interested in gaining direct exposure to Ripple's token. The XRP Trust does not require SEC approval, allowing it to operate with fewer regulatory constraints, and there is already consideration of a possible future conversion into an ETF.
Why did Ripple (XRP) soar on Thursday morning? A familiar fund manager is finally making moves in the XRP space.
XRP price is poised for a significant rally, despite gaining 6% upside momentum in the past four hours. It's all thanks to the asset management giant Grayscale. On September 12, 2024, the firm announced its latest single-asset crypto investment product, Grayscale XRP trust.
Grayscale Investments has unveiled and launched the Grayscale XRP Trust today, that led to the XRP price rocketing. This new trust allows investors to access XRP, the digital token used by the XRP Ledger—a decentralized, peer-to-peer network designed to enable international financial transactions.
Grayscale Investments has launched a new XRP Trust, marking the asset manager's return to XRP (CRYPTO: XRP) after dissolving its previous trust in January 2021. What Happened: The move comes following a July 2023 court ruling that XRP, when sold on secondary markets, does not constitute a security.
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Crypto asset manager Grayscale launched the XRP Trust, a new product giving investors exposure to the Ripple-aligned asset.
Ripple Labs confirmed the issuance of an additional 90 RLUSD stablecoins, continuing its operational strategy to expand its digital assets. According to data from the Ripple Stablecoin Tracker, these mintings mark a significant step for the company.
Top investment asset management firm Grayscale has launched an XRP trust. This is the first such investment offering in the United States and could eventually lead to a spot XRP exchange-traded fund (ETF) in the region.
This new trust lets people invest in XRP, a special digital token that helps with fast and easy money transfers across borders. XRP is part of a blockchain called the XRP Ledger (XRPL).
Grayscale has introduced a new crypto investment trust fund for XRP, according to a Sept. 12 statement.
The XRP price experienced a notable upswing on Thursday, reaching a three-week high of $0.
Grayscale launches first U.S. XRP trust, sparking 8% price surge and speculation about potential US XRP ETF.
Grayscale, a leading cryptocurrency asset manager, unveiled the first XRP trust in the US, propelling the token's price by 8% to $0.57 at press time. Related Reading: Analyst Says Bitcoin Is In A ‘Healthier' Place Now, Here's Why XRP Trust Announced, Is The XRP ETF Incoming?
Grayscale Investments has recently revealed the launch of a new financial product: the Grayscale XRP Trust.
Ripple's recent moves, including its focus on institutional clients and XRP innovations, highlight its bold positioning in the crypto world.
Grayscale Investments has launched the Grayscale XRP Trust, offering accredited investors exposure to XRP, the token used on the XRP Ledger.
The broader digital currency ecosystem is recovering as the combined crypto market cap jumped by more than 2.35% to $2.04 trillion. Besides Bitcoin (BTC) and Ethereum, among the major altcoin beneficiaries of this rally are XRP, Dogecoin (DOGE) and Tron (TRX).
The trading volume of XRP has significantly increased, approaching $1 billion. With XRP's volume reaching over $700 million in the last day, there appears to be renewed interest in the cryptocurrency.
Grayscale XRP Trust could potentially pave the way for an XRP ETF, subject to approval by the US Securities and Exchange Commission.
Grayscale is launching the U.S.'s first XRP trust, offering accredited investors direct exposure to XRP.
XRP price surged, following the announcement on September 12 that crypto fund manager Grayscale is launching an XRP Trust.
