In America we see more and more positive developments with the times when it comes to the adoption of crypto. Now it is about the Securities and Exchange Commission (SEC) that has given the green light for something that the XRP community has been waiting for months.
XRP is an official part of Nasdaq ETF
The SEC has given the Hashdex Nasdaq Crypto Exchange-Traded Fund (ETF) permission to also include XRP in its portfolio. With this, the coin joins giants such as Bitcoin (BTC) and Ethereum (ETH).
The approval followed on 25 September and was brought to the attention in a recent X Post by ETF Expert Nate Geraci. In his message he points out that not only XRP, but also Solana (SOL) and Stellar (XLM) have been added to the fund.
Yet XRP is the largest of the three newcomers and it gets a striking weight within the revised composition of the ETF. XRP will take 7.11 percent of the total fund assets. For Solana and XLM it concerns smaller shares of 4.19 and 0.34 percent respectively. Bitcoin and Ethereum remain the front runners by far, with shares of 73.51 and 14.82 percent respectively.
More ETFs with XRP on the road
XRP funds have been a much-discussed topic for a while. Last week the Rex-Osprey XRP ETF was launched, which immediately ran $ 37.5 million in volume on the first trading day. It is the first American fund to follow the XRP course.
This is not a full spot ETF. This is because it is a hybrid construction, which also uses futures. These are contracts with which investors speculate on the future price of XRP, without actually possessing the coin.
However, that may change quickly. In October there are important deadlines on the agenda. Then the SEC will have to consider multiple requests for fully-fledged XRP spot funds. Earlier today you could already read that this week will be the latest adjustments of various asset managers today.
According to ETF Expert Nate Geraci, there is a great chance that the SEC will give green light. He previously spoke of an almost ‘100 percent chance’.
Source: https://newsbit.nl/xrp-krijgt-naast-bitcoin-en-ethereum-plek-in-nasdaq-fonds/
