Grayscale launches new XRP closed-end fund
Quick Take Grayscale, which has already converted both bitcoin and ether trusts into ETFs, plans to launch an XRP “closed-end” fund that will allow investors to gain exposure to the popular token. The firm had previously launched an XRP fund and then shut it down in 2021 after the SEC asserted the token was a security.
Grayscale said Thursday it's planning to launch an XRP +7.75% "closed-end" fund that will allow investors to gain exposure to the popular token.
XRP is the world's seventh most popular cryptocurrency based on market capitalization, which sits at over $32 billion according to The Block's XRP price page . The token appeared to rise about 8% on the news.
Earlier this month, Grayscale Investments launched an Avalanche trust in order to provide accredited investors exposure to AVAX, the native token of Avalanche's blockchain network.
The investment firm has converted both bitcoin and ether trusts into ETFs.
The is a developing story.
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