Crypto exchange-traded fund (ETF) provider 21Shares is now trying to launch an XRP-focused ETF in the United States.
The company filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC) on Friday.
The proposed product, called “the 21Shares Core XRP Trust,” is a passive investment vehicle that tracks the price of the payment altcoin.
21Shares is not the first company to try to get the crypto product off the ground. Bitwise Asset Management, the largest manager of digital asset index funds in the US, filed an initial registration statement for an XRP ETF last month.
It’s been a busy year for crypto investment products.
The SEC greenlit the first Bitcoin (BTC) ETFs on the spot market in January, driving billions of dollars in inflows into the top digital assets by market cap. The regulator subsequently approved Ethereum (ETH) ETFs for trading in July, and several companies, including 21Shares, also filed for Solana (SOL) exchange-traded products in July.
Bloomberg ETF analyst Eric Balchunas argued at the time that the SOL filings represented “a call option on the POTUS election.”
XRP is trading at $0.516 at the time of writing. The seventh-ranked crypto asset by market capitalization is up more than 1% in the past day and almost 2% in the past week.
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