Grayscale launches new XRP closed-end fund, token jumps 8%
Quick Take
- Grayscale, which has already converted both bitcoin and ether trusts into ETFs, plans to launch an XRP “closed-end” fund that will allow investors to gain exposure to the popular token.
- The firm had previously launched an XRP fund and then shut it down in 2021 after the SEC asserted the token was a security.
Grayscale said Thursday it's planning to launch an XRP "closed-end" fund that will allow investors to gain exposure to the popular token.
XRP is the world's seventh most popular cryptocurrency based on market capitalization, which sits at over $32 billion according to The Block's XRP price page. The token spiked about 8% on the news.
"We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case,” Grayscale’s Head of Product & Research Rayhaneh Sharif-Askary said in Thursday's release. "By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure."
Earlier this month, Grayscale Investments launched an Avalanche trust in order to provide accredited investors exposure to AVAX, the native token of Avalanche's blockchain network.
The investment firm has converted both bitcoin and ether trusts into ETFs.
Updated at 11:05 a.m. ET with additional details.
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