Last week, asset manager REX Shares’ XRP-backed ETF surpassed $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):
REX Shares announcement on X
At the time of writing, the XRPR indeed reports $108 million in AUM at a price of $20.56 per share.
While REX Shares presents this ETF as a spot ETF, it should be noted that this is not the case in the generally accepted sense. Indeed, the fund does provide exposure to spot XRP, notably through investments in the CoinShares Physical XRP, but it is not fully invested in spot cryptocurrency, as its competitors in BTC and ETH are.
This stems from the law under which the XRPR is regulated, namely the Company Act of 1940, which specifically prevents 100% spot exposure, whereas other ETFs are typically 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.
Meanwhile, XRP is trading at $2.63, down slightly by 0.6% over the past 24 hours.
