The crypto exchange-traded fund (ETF) provider 21Shares is now trying to launch an XRP-focused ETF in the United States.
The firm 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 payments altcoin.
21Shares isn’t the first firm to try to get the crypto product off the ground. Bitwise Asset Management, the largest digital asset index fund manager 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 spot market Bitcoin (BTC) ETFs in January, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently approved Ethereum (ETH) ETFs for trading in July, and multiple firms, including 21Shares, applied for Solana (SOL) exchange-traded products also 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 time of writing. The seventh-ranked crypto asset by market cap is up more than 1% in the past day and nearly 2% in the past week.
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