Crypto asset manager Grayscale unveiled a new investment fund pegged to Ripple’s XRP on Thursday, a move that comes on the heels of the launch of a trust on SUI.
Grayscale Launches XRP Trust
After the trust on SUI presented this week, it is now Ripple's XRP to join Grayscale's investment fund catalog. Indeed, the asset manager made official on Thursday the launch of this new financial vehicle:
We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale $XRP Trust, which will be available through private placement.
Available to eligible accredited investors.
Read the press release: https://t.co/rOmVPUSFxZ pic.twitter.com/WEhk849RmT
— Grayscale (@Grayscale) September 12, 2024
💡How to buy XRP from Ripple?
Although the positive effect of the news on prices was less significant than for SUI, the price of XRP was still able to benefit from it, with a 4.3% increase over 24 hours to a price of just over $0.56 per unit.
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Again, this is a private equity fund requiring a minimum entry ticket of $25,000 to $50,000 and subject to a minimum holding period of 6 to 12 months. In addition, the management fee is 2.5%.
Rayhaneh Sharif-Askary, Grayscale's Head of Product and Research, expressed optimism about Ripple:
We believe the Grayscale XRP Trust offers investors exposure to a protocol with a significant real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform existing financial infrastructure.
For his part, Brad Garlinghouse, CEO of Ripple, showed his surprise on X at this new feature from Grayscale:
I was (pleasantly) surprised to see this news… even if it was inevitable […] As I said before, with XRP being regulated with clarity in the US and other countries, I think it is only a matter of time for this space to grow.
👉 Also in the news — Grayscale launches investment fund on SUI, token soars by nearly 18%
Although it is still part of the top 10 most capitalized cryptocurrencies, let us nevertheless emphasize that in terms of price, XRP struggles to convince with often mixed performancesDuring the 2020-2021 bull run, the price never managed to exceed the 2018 high.
With this new fund, it will be interesting to see if it influences the adoption of the asset in institutional investors' portfolios.
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Source: Grayscale
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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