Since the successful launches of the Bitcoin (BTC) and Ethereum (ETH) Spot Exchange-Traded Funds (ETFs) in the United States, many Altcoins have been ready to also storm the stock market. Ripple’s XRP is this week to make the big step to Wall Street.
Scoop for XRP
The official X account of asset manager Rex Shares reports that the very first American XRP ETF will be launched this week. The fund is named Rex-Osprey XRP ETF and will be traded under the Ticker XRPR.
The well-known Bloomberg ETF expert Eric Balchunas even mentions a specific date. According to him, we can expect the launch of the fund next Thursday. On the same day, the Dogecoin (doge) ETF would also be launched, from the same parties and via a comparable construction.
There was some confusion about the exact launch date. Initially the start was planned for last Thursday, after which it was shifted to Friday, but that also did not happen either.
A smart legal route
The ETF is the result of a collaboration between Rex and Osprey Funds, and differs strikingly from previous proposals that the American Securities and Exchange Commission (SEC) was shown. The fund is registered under the 1940 Investment Company Act. This is the same legal structure that was previously used in the launch of the Solana ETF in July of the same parties.
This process ensures accelerated acceptance of crypto-etfs. For example, there are still seven applications for XRP spot ETFs in the SEC. Important deadlines are planned for this in October.
First XRP spot ETF, or not?
There are questions about what kind of ETF it is. Some speak of a spot fund, but that does not completely cover the load. The official documentation shows that the fund invests no less than eighty percent in XRP itself and in assets that offer direct exposure to the XRP course, whether or not through a subsidiary.
In addition, part of the fund assets are invested in other XRP-related investment products, including ETFs and possibly also futures. These are contracts that speculate on the future price. So it’s not a classic spot fund, but a hybrid construction.
Source: https://newsbit.nl/amerika-krijgt-eerste-xrp-etf-donderdag-wordt-de-grote-dag/
