21Shares Joins the Race for XRP ETF Approval

The post 21Shares Joins the Race for XRP ETF Approval appeared first on Coinpedia Fintech News

After several firms took the step, 21Shares has become the latest to file for an XRP ETF with the US SEC. It has now become the third firm to file for the XRP investment vehicle, following both Bitwise and Canary Capital. This comes just a week after Ripple CEO Brad Garlinghouse told Bloomberg that an ETF for the token was “inevitable.”

21Shares has submitted an official registration statement with the SEC for a new exchange-traded fund (ETF) that would track the price of XRP directly. This move indicates that some institutions may be optimistic about XRP’s future, despite its ongoing lawsuit with the regulators. 

Notably, Earlier this year, 21Shares also filed to issue a Solana ETF.

Despite the controversial relationship between Ripple and the SEC, where both have been engaged in a years-long legal battle that has dragged on with both filing to appeal certain rulings, this hasn’t prevented crypto asset managers from filing to bring an XRP ETF to the market.

A potential approval would see the United States get its third crypto-based ETF in 2024 and the ETF could drive demand for XRP from both retail and institutional investors by providing an easier way to gain exposure without needing to purchase the cryptocurrency itself.

Bitcoin being the first to gain regulatory approval in January, is witnessing remarkable performance. While Ethereum followed suit, it still has to mirror the massive success achieved by Bitcoin ETFs.