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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 02, 2024 09:02 UTC
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XRP ETF News: Institutional Demand Surges Despite Ripple vs SEC Lawsuit
Despite the ongoing legal battle with the SEC, institutional investors are showing increasing interest in XRP
Companies like 21Shares, Canary Capital, Bitwise, and potentially Grayscale are actively pursuing XRP-based ETFs.
The growing institutional support for XRP could undermine the SEC's authority and credibility.
The U.S. Securities and Exchange Commission’s (SEC) legal battle with Ripple has been a rollercoaster ride, filled with unexpected twists and turns. However, amid all the drama, a surprising trend has emerged: institutional investors are doubling down on XRP. Recent developments suggest that big players in the financial world are not deterred by the SEC’s actions, but rather, see an opportunity in the potential of XRP.
As Ripple CEO Brad Garlinghouse hinted on X, this itself is a win for the company.
Read on to discover the latest updates on XRP ETFs and the crypto market impact.
21Shares’ XRP ETF Proposal
Leading the charge, 21Shares has applied to launch an ETF called the “21Shares Core XRP Trust.” If approved, this fund would be listed on the Cboe BZX exchange, with Coinbase Custody Trust Company acting as the custodian for its XRP assets. This proposal shows 21Shares’ confidence in XRP-focused investment products, even amid regulatory uncertainty.
New Contenders Enter the Picture
21Shares isn’t the only one in the race. Canary Capital and Bitwise are also planning XRP-based ETFs, a sign that XRP’s appeal is growing among institutional investors. Their involvement underscores broader industry support for XRP, despite the legal challenges Ripple faces.
Institutional Interest Builds Despite Regulatory Hurdles
In his post, Garlinghouse emphasized that more institutional players are looking to invest in XRP, undeterred by Ripple’s ongoing dispute with the SEC. Interestingly, three out of four recent XRP filings were submitted after the SEC appealed a federal court ruling favoring Ripple’s argument that XRP isn’t a security.
Grayscale’s Bold Plans Revealed?!
Adding further momentum, Grayscale Investments is reportedly preparing to convert its multi-asset fund, which includes XRP, into a dedicated XRP spot ETF. This move would mark a major entry into the XRP ETF market by Grayscale, likely drawing even more institutional attention to XRP.
Garlinghouse sees this trend as a win against regulatory opposition, suggesting that the SEC’s actions could ultimately hurt its reputation in the crypto industry.
What’s Next for XRP ETFs?
The growing number of XRP ETF filings shows increasing institutional confidence in XRP, even amid legal hurdles. These developments could mark a new chapter for XRP in the financial market, as institutional interest remains strong despite regulatory pushback.
Do you think the SEC’s legal battle with Ripple will impact the approval of XRP ETFs? Let us know your take.
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