{"id":16922,"date":"2024-09-12T17:02:48","date_gmt":"2024-09-12T14:02:48","guid":{"rendered":"https:\/\/forklog.com\/en\/grayscale-to-launch-first-xrp-fund\/"},"modified":"2024-09-12T17:02:48","modified_gmt":"2024-09-12T14:02:48","slug":"grayscale-to-launch-first-xrp-fund","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/grayscale-to-launch-first-xrp-fund\/","title":{"rendered":"Grayscale to Launch First XRP Fund"},"content":{"rendered":"<p>Digital asset manager Grayscale Investments has announced the launch of a closed-end fund based on XRP.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale <a href=\"https:\/\/twitter.com\/search?q=%24XRP&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$XRP<\/a> Trust, which will be available through private placement.<\/p>\n<p>Available to eligible accredited investors.<\/p>\n<p>Read the press release: <a href=\"https:\/\/t.co\/rOmVPUSFxZ\">https:\/\/t.co\/rOmVPUSFxZ<\/a> <a href=\"https:\/\/t.co\/WEhk849RmT\">pic.twitter.com\/WEhk849RmT<\/a><\/p>\n<p>\u2014 Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1834216119869341902?ref_src=twsrc%5Etfw\">September 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The product is intended for individual and institutional accredited investors. It operates similarly to other trusts, requiring an application to the company for subscription\/redemption.<\/p>\n<p>Grayscale has pledged to make efforts to list the fund on the secondary market. However, the company does not guarantee a positive outcome.<\/p>\n<p>The new instrument will continue the expansion of the product line. Previously, it included trusts based on <a href=\"https:\/\/forklog.com\/en\/news\/grayscale-to-launch-avalanche-based-trust\">Avalanche<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/grayscale-to-launch-mkr-based-trust\">MakerDAO<\/a>, <a href=\"https:\/\/www.globenewswire.com\/en\/news-release\/2024\/08\/07\/2925970\/0\/en\/Grayscale-Investments-Launches-Two-New-Product-Offerings-Grayscale-Bittensor-Trust-and-Grayscale-Sui-Trust.html\">Bittensor and Sui<\/a>, as well as a <a href=\"https:\/\/forklog.com\/en\/news\/grayscale-introduces-fund-based-on-ai-tokens\">basket of tokens focused on AI<\/a>.<\/p>\n<p>XRP responded positively to the news. According to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/vega-protocol\">CoinGecko<\/a>, at the time of writing, daily rates reached 7.4% compared to 1.2%\u20135.7% among other assets in the top 10 cryptocurrencies.<\/p>\n<p>In 2024, Grayscale succeeded in converting two trusts\u2014<a href=\"https:\/\/forklog.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">GBTC<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-etf-trading-commences-amid-moderate-pressure-on-price\">ETHE<\/a>\u2014based on Bitcoin and Ethereum into ETFs, available to a wide range of participants.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/markets\/grayscale-launch-first-us-xrp-trust-paving-way-potential-etf\">FOX Business<\/a> did not rule out that the company aims to achieve a similar status for the XRP-based trust.<\/p>\n<p>In July 2023, the fintech firm Ripple, associated with the asset, achieved a partial victory in a long-standing case against the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>. The court ruled that programmatic sales and other distributions of the token do not constitute an offer and sale of investment contracts.<\/p>\n<p>The SEC then attempted to challenge the decision, but the court dismissed the Commission&#8217;s interlocutory appeal. The agency still has the opportunity for another attempt. The company&#8217;s chief legal officer, Stuart Alderoty, <a href=\"https:\/\/forklog.com\/en\/news\/ripple-unfazed-by-potential-sec-appeal-on-xrp-status\">expressed confidence<\/a> that this will not change the status of XRP.<\/p>\n<p>Back in August 7, Judge Analisa Torres fined Ripple <a href=\"https:\/\/forklog.com\/en\/news\/court-reduces-ripples-fine-from-2-billion-to-125-million\">$125 million<\/a> in the litigation with the SEC. Initially, the agency <a href=\"https:\/\/forklog.com\/en\/news\/sec-seeks-2-billion-penalty-for-ripple-labs\">demanded $2 billion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital asset manager Grayscale Investments has announced the launch of a closed-end fund based on XRP. 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 \u2014 Grayscale (@Grayscale) September [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,943,36,112,128],"class_list":["post-16922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-grayscale-investments","tag-regulation","tag-ripple","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16922"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16921"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}