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The purpose investment has submitted a prospectus to launch the world’s first spot XRP ETF. ETF aims to provide long -term capital rise through direct holding of XRP.
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The purpose investment, which is a company behind the world’s first spot -bitcoin ETF, is trying to increase the provision of digital assets using this first Spot XRP ETF, which has the approval of regulatory authorities. 。
According to a new press release, a fund manager based in Toronto, which supervises more than $ 23 billion assets, has recently submitted Ripple ETFs to Canadian securities regulatory authorities.
SOM SEIF, the founder and CEO of the purpose investment, pointed out that institutional interest in XRP as a theoretical basis of ETF. “Since XRP is considering adoption and growing institutional interests, ETF believes that ETFs can provide transparent and familiar ways to investors in regulated frameworks,” says Seif. Masu.
According to Coinmarketcap, the fund aims to provide long -term capital increase through direct holdings, XRP, the third largest encryption asset. Through familiar investment means of ETFS, the company wants to make digital assets easier and easier for conventional investors to access and understand.
If the ETF is approved, the lineup of the target digital asset products will be expanded after the previous release of Spot Bitcoin and Ethern ETF.
“This release will be the main and most reliable partners for investors who can invest in these assets with understanding, access, and confidence. It represents another important step in our efforts. “
The announcement was made immediately after the NYSE ARCA submitted 19B-4 filing and converted the GraysCale XRP Trust to Spot Crypto ETF.
NYSE, a part of the process that proposes a spot ETF to the SEC, marks an important step in the Crypto ETF in the expectation of a more advantageous US SEC approach under the new administration. Push contains a variety of companies that compete to ensure a variety of cipher ETFs, including those linked to Dogecoin, Trump’s Memecoin, Litecoin, and Solana.
The world’s first bitcoin ETF debuted in Canada
In February 2021, the Ontario State Securities Committee Green Light Bitcoin Green Light ETF, This is the world’s first ETF that keeps bitcoin directly instead of dependent on derivatives.
ETFs traded on the Toronto Stock Exchange under the BTCC Ticker have a convenient and restricted method of participating in the rapidly growing crypto market for the purpose of enhancing retail investors’ accessibility. There is a possibility that a similar product will be opened in the jurisdiction area.
At the same time, US companies were facing the challenge to launch Bitcoin ETF, Achieve success. Gary Gensler has been appointed SEC chair by former President Joe Biden. period. SEC did not approve the first spot bitcoin ETF until January 2024 during the Gensler period.
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