Ripple backs new XRP Tracker Fund by HashKey Capital, signaling institutional push in Asia

Crypto fund manager HashKey Capital announced Friday the launch of the HashKey XRP Tracker Fund, the first investment fund in Asia designed to track the performance of XRP.

The HashKey XRP Tracker Fund will be available to professional investors who want exposure to XRP without direct ownership. It offers investors the ability to buy through cash or in-kind subscription and subscribe or redeem shares monthly.

According to a release shared exclusively with The Block, this is the first of many collaborations planned between HashKey Capital and Ripple. Ripple will be seeding the initial investment as its anchor investor.

"XRP stands out as one of the most innovative cryptocurrencies in today’s market, attracting global enterprises who use it to transact, tokenize, and store value," said Vivien Wong, Partner, Liquid Funds at HashKey Capital, in the release. "With the first XRP Tracker Fund available in the region, we simplify access to XRP, catering to the demand for investment opportunities in the very best digital assets."

HashKey Capital manages a suite of digital asset products, including an actively managed fund and the Bosera HashKey Bitcoin and Ether spot ETFs listed on the Hong Kong Stock Exchange. The HashKey XRP Tracker is its third tracker fund.

"We will extend HashKey Capital’s connections to financial institutions, regulators, and investors in Asia to Ripple," said Wong."At the same time, Ripple offers us the opportunity to collaborate on more investment products and solutions across cross-border payment solutions, decentralized finance (DeFi), and enterprise blockchain adoption."

"Institutional investors are eager to access regulated products around the world, and this is exactly what the HashKey XRP Tracker Fund will deliver in the Asia-Pacific region," said Fiona Murray, Managing Director APAC at Ripple. "We’re looking forward to working with HashKey Capital – their prominence coupled with strong crypto traction here will be imperative to bolstering Asia’s leadership role in crypto and blockchain technologies."

XRP is the world's third-largest cryptocurrency by market cap, at around $121 billion, according to The Block's XRP price page.

Since U.S. President Donald Trump began his second term in January, market participants have been anticipating spot XRP exchange-traded funds. Standard Chartered expects an XRP ETF to be approved in the third quarter, which could unlock up to $8 billion in inflows in the first 12 months.

At least seven firms are vying to launch a spot XRP ETF. The U.S. Securities and Exchange Commission must respond to Grayscale's spot XRP ETF filing by May 22.