CoinShares Files for XRP ETF

CoinShares, a prominent digital asset management firm, has taken steps to expand investment options in the cryptocurrency market by filing for an XRP exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). The application outlines plans to provide a cost-efficient way for investors to gain exposure to XRP.

The ETF, named the CoinShares XRP ETF, aims to mirror the performance of XRP using the Compass Crypto Reference Index XRP, which tracks the asset’s value daily at 4 PM Eastern Time.

Details of the Proposed Fund

As outlined, CoinShares will serve as the ETF’s official sponsor, while CSC Delaware Trust Company has been designated as the trustee. Other key roles, such as the administrator, custodian, transfer agent, and marketing agent, are yet to be revealed. Shares of the ETF are expected to trade on Nasdaq, although the ticker symbol has not yet been revealed.

The fund’s shares will only be available in blocks of 5,000 and restricted to authorized participants. A seed capital investor affiliated with CoinShares initially funded the ETF by

purchasing an undisclosed number of shares, which were later redeemed for cash. Investors are cautioned in the filing that participation carries significant risk, including the potential for complete loss of funds.

XRP ETFs Gaining Interest

CoinShares joins a growing list of firms seeking approval for XRP-specific ETFs . Competing applications have been submitted by notable asset managers, including Bitwise , WisdomTree, 21Shares, Rex Osprey, ProShares, and Canary Capital.

In addition to single-asset XRP ETFs, Bitwise and Grayscale have also proposed multi-asset ETFs that include XRP. While the SEC has acknowledged these multi-asset proposals, it has not yet addressed the XRP-exclusive filings.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Optimism for XRP ETF Approval

The XRP community remains hopeful that the SEC will approve at least one XRP-focused ETF by the end of 2025. Optimism has been fueled by the pro-crypto stance of the newly inaugurated U.S. administration. President Donald Trump has appointed industry-friendly figures to key positions, including Paul Atkins as the SEC’s new chairman . Atkins is widely expected to advocate for clearer regulations and a resolution to pending crypto-related cases.

Ripple Case’s Influence

The outcome of the SEC’s ongoing lawsuit against Ripple remains a critical factor in XRP’s regulatory landscape. Currently under appeal in the Second Circuit, the case could have significant implications for XRP’s future. The SEC filed its appeal brief on January 15, while Ripple has requested until April 16, 2025, to submit its cross-appeal brief.

A resolution of the Ripple case, either through a favorable ruling or settlement, could clear the way for XRP ETFs to be approved, offering a much-needed boost to the asset’s adoption.

CoinShares’ filing underscores the growing interest in regulated investment opportunities for digital assets. If approved, the XRP ETF could pave the way for broader acceptance of cryptocurrency-focused investment products in traditional markets.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

Follow us on Twitter , Facebook , Telegram , and Google News