MEXCRipple Backed XRP ETF Hits $23M AuM In Under Three Days
Highlights
- The 3iQ XRP ETF is now the largest in Canada, with $23 million in assets under management (AuM).
- The fund launched last week alongside two other XRP ETFs.
- Ripple is one of the notable investors in the XRP fund.
The 3iQ XRP ETF is off to a great start following its launch last week, becoming one of the first spot XRP funds to launch in Canada. The asset manager revealed that its fund, in which Ripple is notably one of the investors, has hit the $23 million AuM milestone.
3iQ XRP ETF Becomes Largest XRP ETF In Canada
In a press release, the asset manager announced that its XRP fund is now the largest in Canada following its launch last week. This comes as the fund has surpassed CAD $32 million ($23 million) in client assets, with investments from notable firms such as Ripple.
3iQ Corp has achieved this feat after just three days of trading on the Toronto Stock Exchange (TSX) under the ticker ‘XRPQ.’ As CoinGape reported, the 3iQ XRP ETF launched on June 18 with a 0% management fee for the first 6 months.
The asset manager noted that this makes it one of the most competitively priced digital assets ETFs on the market. The XRP fund was one of the three ETFs that launched last week, which provide institutional investors with exposure to the altcoin.
As CoinGape reported, the other two funds are from Purpose Investments and Evolve XRP ETFs. 3iQ’s fund invests only in long-term XRP holdings purchased from reputable crypto exchanges and over-the-counter counterparties.
Commenting on the AuM milestone, Pascal St-Jean, President and CEO of 3iQ, said,
Our XRP ETF’s impressive success after only a few days of trading, similar to what our Solana Staking ETF experienced very shortly after its launch, underscores the benefits we offer to both retail and institutional investors looking to increase exposure to digital assets
The XRP price has rebounded amid this development. CoinMarketCap data shows that the altcoin is up over 3% in the last 24 hours, with $118 billion traded during this period.
- BitMine Buys $29 Million in Ethereum as Kalshi Traders Cut $5K Price Odds to 34%
- Bitwise XRP ETF Moves Closer to Launch as Firm Submits Final S-1 Filing
- MEXC Denies Insolvency Rumors, Faces Record Withdrawals as Users Seek Proof of Solvency
- $7B Virtu Financial Holds $63M XRP as Whales Accelerate Daily Sell-Off
- Breaking: Coinbase Nears $2B Deal to Buy Stablecoin Platform BVNK
- Why Is TAO Price Skyrocketing Today?
- After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
