First-Ever US-Based XRP ETF Sees ‘Very Respectable’ Trading Volume On Debut Despite Tough Market Conditions
Asset manager Teucrium Investment Advisors has launched the first XRP-based exchange-traded fund in the US markets, a leveraged XRP (ETF) on the NYSE Arca.
According to a prominent ETF expert, the Teucrium 2x Long Daily XRP ETF was off to a strong start, with roughly $5 million in day-one trading volume — a figure that puts it in the top 5% of all new ETF launches.
First US XRP ETF Launch
On April 8, the XXRP ETF, based on Ripple’s XRP token, went live on NYSE Arca.
The fund is designed to provide twice the daily performance of Ripple’s XRP token and is intended for short-term trading. Teucrium will charge a management fee of 1.85%.
The fund drew in approximately four times the debut activity of Volatility Shares’ 2x Solana ETF (SOLT), as per Bloomberg’s senior ETF analyst Eric Balchunas.
“$XXRP (2x XRP ETF) saw $5mil in volume on Day One, very respectable, esp considering the mkt conditions. That puts it in approx top 5% of new ETF launches, and about 4x what the 2x Solana ETF $SOLT did (altho both 200x less than King IBIT),” Balchunas wrote on X.
The price of XRP is down 2.3% over the past 24 hours. The cryptocurrency is struggling to recover above the psychologically important $2 mark despite the mega acquisition deal that was announced by Ripple on Tuesday.
Odds Of Spot XRP ETF Still High
Teucrium’s ETF launch follows the SEC’s decision last month to dismiss a nearly four-year-long suit against Ripple, one in a handful of cases against crypto firms that have since been dropped. The San Francisco-based blockchain payments firm ended up paying a $50 million fine, which is dramatically lower than the $2 billion penalty the U.S. Securities and Exchange Commission (SEC) had initially demanded.
In Balchunas’ opinion, it was “very odd” to see a new asset’s first ETF come in leveraged form. Nonetheless, he explained that the odds of a spot XRP-based exchange-traded fund being greenlighted in the United States remain “pretty high.”
The launch comes amid a wave of spot XRP ETF applications currently being reviewed by the SEC. Fund managers, including Grayscale, WisdomTree, Bitwise, 21Shares, Canary Capital, and Franklin Templeton, have all submitted paperwork with the SEC. The regulator has already acknowledged multiple spot XRP ETF applications.
Balchunas previously tipped a 65% chance that the US Securities watchdog will approve an XRP ETF before the end of the year.
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First-Ever US-Based XRP ETF Sees ‘Very Respectable’ Trading Volume On Debut Despite Tough Market Conditions
Asset manager Teucrium Investment Advisors has launched the first XRP-based exchange-traded fund in the US markets, a leveraged XRP (ETF) on the NYSE Arca.
According to a prominent ETF expert, the Teucrium 2x Long Daily XRP ETF was off to a strong start, with roughly $5 million in day-one trading volume — a figure that puts it in the top 5% of all new ETF launches.
First US XRP ETF Launch
On April 8, the XXRP ETF, based on Ripple’s XRP token, went live on NYSE Arca.
The fund is designed to provide twice the daily performance of Ripple’s XRP token and is intended for short-term trading. Teucrium will charge a management fee of 1.85%.
The fund drew in approximately four times the debut activity of Volatility Shares’ 2x Solana ETF (SOLT), as per Bloomberg’s senior ETF analyst Eric Balchunas.
“$XXRP (2x XRP ETF) saw $5mil in volume on Day One, very respectable, esp considering the mkt conditions. That puts it in approx top 5% of new ETF launches, and about 4x what the 2x Solana ETF $SOLT did (altho both 200x less than King IBIT),” Balchunas wrote on X.
The price of XRP is down 2.3% over the past 24 hours. The cryptocurrency is struggling to recover above the psychologically important $2 mark despite the mega acquisition deal that was announced by Ripple on Tuesday.
Odds Of Spot XRP ETF Still High
Teucrium’s ETF launch follows the SEC’s decision last month to dismiss a nearly four-year-long suit against Ripple, one in a handful of cases against crypto firms that have since been dropped. The San Francisco-based blockchain payments firm ended up paying a $50 million fine, which is dramatically lower than the $2 billion penalty the U.S. Securities and Exchange Commission (SEC) had initially demanded.
In Balchunas’ opinion, it was “very odd” to see a new asset’s first ETF come in leveraged form. Nonetheless, he explained that the odds of a spot XRP-based exchange-traded fund being greenlighted in the United States remain “pretty high.”
The launch comes amid a wave of spot XRP ETF applications currently being reviewed by the SEC. Fund managers, including Grayscale, WisdomTree, Bitwise, 21Shares, Canary Capital, and Franklin Templeton, have all submitted paperwork with the SEC. The regulator has already acknowledged multiple spot XRP ETF applications.
Balchunas previously tipped a 65% chance that the US Securities watchdog will approve an XRP ETF before the end of the year.
Read More