It has been a big week for XRP especially after the UK and the U.S. prepare to announce closer collaboration. Ripple met in London for talks between Chancellor Rachel Reeves and U.S. Secretary of State Scott Bessent. The meeting could lead to closer ties on stable coins and digital assets.
That was yesterday’s news. Today was all about Grayscale Investments, and the firm’s latest Grayscale CoinDesk Crypto 5 ETF (Ticker: GDLC) which went live on the New York Stock Exchange.
The newly listed ETP was previously called Grayscale Digital Large Cap Fund or GDLC. It is the first multi-asset crypto ETP, offering exposure to the five largest and most liquid crypto assets which include Bitcoin, Ether, XRP, Solana, and Cardano.
The fund tracks the CoinDesk 5 Index. It is the nearest thing to an index fund that is currently available for cryptocurrencies in the U.S.
“Today’s listing marks a historic milestone for the entire crypto ETP landscape,” said Peter Mintzberg, Chief Executive Officer of Grayscale. “Grayscale CoinDesk Crypto 5 ETF has met the growing investor demand for diverse exposure to crypto for nearly a decade and investors are increasingly turning to the ETP wrapper for their crypto exposure. GDLC is a purpose-built innovation designed to meet that demand, bringing simplicity and transparent access to the most liquid and largest crypto assets.”
A Future XRP ETF
Contrary to the hopes of many market observers, XRP has dropped below $3 today, even as market participants are hoping for an increase in demand for the cryptocurrency. Interestingly, this is happening as an increase in demand for XRP has led leading cryptocurrency exchange Coinbase to suffer a dramatic drop in how much XRP it holds in its cold wallets. In three months, the amount of XRP in its cold wallets has dropped from 970 million XRP to just 98 million XRP.
There are high hopes for a dedicated XRP ETF to be approved in October with several companies awaiting decisions from the SEC. Importantly, things have changed this week following a vote at the SEC on Wednesday to approve proposed rule changes by three national securities exchanges. This doesn’t change the fact that it is expected that the SEC will make its decision on 21Shares XRP Trust and others at the earliest, in October.
Until now, the SEC has handled every spot crypto ETF filing individually. This and other procedures will change, reducing the maximum time from filing to launch from 240 days to 75 days.
This could see further demand for XRP, with the market already bullish on the leading cryptocurrency.
With the continued focus on digital assets by the White House, the cryptocurrency ecosystem continues to benefit. Both from exposure as well as ease of access for investors. It is unlikely to take long for a 100 percent XRP ETF to be listed on NYSE. Keep following DisruptionBanking for more updates.
Author: Andy Samu
#Grayscale #XRP #SOL #BTC #ADA #ETH #Crypto #SEC #ETF
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
See Also:
Grayscale Crypto Digital Large Cap ETF Including XRP Approved | Disruption Banking
SEC Stalls XRP ETF Decisions, Leaving Investors in Limbo | Disruption Banking
21Shares Launches 21Shares Hedera ETP (HDRA) on Euronext | Disruption Banking
21Shares launches BOLD, the world’s first Bitcoin and Gold ETP | Disruption Banking
GDLC, an exchange traded product, is not registered under the Investment Company Act of 1940 (or the ’40 Act) and therefore is not subject to the same regulations and protections as ’40 Act-registered ETFs and mutual funds. An investment in GDLC involves significant risk, including possible loss of principal. The Fund holds digital assets; however, an investment in the Fund is not a direct investment in digital assets.
