REX, Osprey To Launch First US Spot ETF For XRP Here's Why This One's Unique

Rex Shares and Osprey Funds announced on Monday that they are set to debut the first 'spot' U.S. exchange-traded fund tied to Ripple's native token, XRP (XRP), the world's third-largest cryptocurrency by market capitalization, this week.

XRP's price slipped 1.4% in the last 24 hours, with retail sentiment on Stocktwits trending in the 'neutral' territory. The team did not disclose the exact date of the launch. 

In a post on X, REX Shares said the REX-Osprey XRP ETF will trade under the ticker XRPR. The fund will primarily hold XRP directly while allocating at least 40% of its assets into shares of other ETFs with exposure to the token, according to the prospectus filed with the Securities and Exchange Commission (SEC).

Currently, several XRP ETFs already offer leveraged exposure to the prominent token through derivatives. These include the Teucrium 2x Long Daily XRP ETF (XXRP) and the Volatility Shares Trust XRP ETF (XRPI). However, they do not offer 'spot' exposure. 

Unlike previous attempts by other firms to bring ETFs tied to Ripple's native token into the market, XRPR is registered under the Investment Company Act of 1940, a framework designed to protect investors by imposing governance and transparency requirements on pooled investment funds. This means that, in addition to XRP, it will also hold other assets, such as cash, derivatives, and treasuries. 

This is the same legal framework that Rex Osprey has proposed for their Dogecoin ETF (DOJE). The Rex Osprey Dogecoin ETF is expected to launch on Thursday, according to Eric Balchunas, a Bloomberg Intelligence analyst. The firms previously launched the REX Osprey Solana Staking ETF (SSK) in June.

Read also: Coinbase Hints At Native Token For Base Network – 'We're Just Updating Our Philosophy,' Says CEO Brian Armstrong

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