The post Ripple News Today: 21Shares Eyes XRP ETF Amid Record-Breaking Ethereum ETF Launch appeared first on Coinpedia Fintech News
On July 23, 2024, the U.S. financial markets celebrated the launch of several spot Ethereum ETFs. The first trading day saw a record-breaking volume of $1.1 billion, showcasing strong investor interest and confidence in ETFs. After BTC and ETH, many altcoins are in line to jump the ETF wagon, and XRP will be the hot cake if it successfully clears its regulatory battle.
Could XRP ETF be next?
Hany Rashwan, co-founder and CEO of 21Shares, recently expressed the company’s bullish stance on XRP and its potential plans to launch a spot-based XRP ETF. He revealed his strategy in an interview with the financial YouTube channel Paul Baron Network. Despite the delay in filing for this ETF, Rashwan emphasized that such a move aligns with 21Shares’ global strategy.
Current Position and Research
21Shares is currently the largest issuer of XRP exchange-traded products (ETPs), managing $69.16 million in assets with a year-to-date return of 7.54%. Rashwan emphasized the positive investment potential of XRP based on extensive research and believes it could be the next big thing in ETFs, given its community support.
Focus on Global Expansion
Although 21Shares has not yet submitted an ETF application for XRP to the SEC, Rashwan reassured that launching an XRP ETF is integral to their global vision, extending beyond the U.S. market. However, he clarified that the legal clarity on XRP’s non-security status is crucial for eliminating regulatory concerns and advancing the ETF’s launch.
Preference for Solana ETF
However, 21Shares and VanEck chose to pursue a Solana (SOL) ETF over XRP. Rashwan noted that the decision was influenced by the similarities between Solana and Ethereum, making it easier to advocate for regulatory approval given Ethereum’s previous ETF success. The company currently offers spot ETFs for Bitcoin (BTC) and Ethereum (ETH) and is also seeking approval for a Solana ETF.
This strategic focus underscores 21Shares’ commitment to expanding its product offerings while navigating regulatory landscapes and capitalizing on emerging investment opportunities.
