Last week, asset manager REX Shares’ XRP-backed ETF exceeded $100 million in assets under management. A look back at this unprecedented performance.
REX Shares’ XRP ETF reaches $100 million
Last Friday, asset manager REX Shares announced that its XRPR ETF on XRP was the first to reach $100 million in assets under management (AUM):
At the time of writing, XRPR claims AUM of $108 million at a price of $20.56 per share.
Although REX Shares presents this ETF as a spot ETF, it should be noted that this is not the case in the generally accepted sense. The fund does indeed offer exposure to spot XRP, notably through investments in CoinShares Physical XRP, but it is not fully invested in spot cryptocurrency, unlike its competitors on BTC and ETH.
This is due to the law under which XRPR is regulated, namely the Company Act of 1940, which prevents 100% spot exposure, whereas other ETFs are usually registered under the Securities Act of 1933.
In any case, this ETF stood out on its first day of trading last September, with a volume of $37.7 million. In just over a month, the fund has now reached a major milestone, and it remains to be seen whether this lead will be maintained when true spot ETFs hit the market.
For its part, XRP is trading at $2.63, down slightly by 0.6% over the last 24 hours.
