In a stunning turn of affairs that one mightily doubts could have wrung more excitement than a rather dull tea party, 3iQ Digital Asset Management has announced its spot XRP-based ETF has glided past the $50 million mark in assets under management. This remarkable feat, worthy of a few chuckles and eye rolls, marks a significant milestone for a product that was birthed only last month—ah, the brilliance of modern finance! 🎉
Behold! It is now the largest North American spot ETF dedicated to that ever-controversial Ripple-linked token, XRP. One can practically hear the sighs of delight echoing across Wall Street at this news.
CEO and President Pascal St-Jean, exhibiting the glee of a child with their first toy, assures us that both retail and institutional investors have played a part in this balmy success. One would think they simply uncovered the secrets to happiness! 💼💰
As reported by U.Today, it’s worth noting (but not quite important enough to dwell upon) that 3iQ was among the first brave souls to launch a spot ETF in Canada, with Purpose Investments and Evolve Funds Group also hitching their wagons to this comet of a cryptocurrency on the same auspicious day. How quaint!
What about US ETFs?
Now, let us peep across the border into the United States, where the ETF market is irrepressibly grand at roughly $10 trillion. Meanwhile, Canada’s dainty $432 billion market seems rather like a child’s playroom. In the land of stars and stripes, issuers such as Franklin Templeton, Bitwise, and 21Shares engage in an equally fervent—perhaps slightly absurd—scramble to launch a spot XRP ETF. Yet, the SEC has, most unwisely, not sent its blessing forth.
More than a dozen applications languish in the bowels of bureaucracy, with hopes of approval not expected until the fourth quarter of 2025, by which time all involved may have either lost interest or grown quite weary of their enthusiasm.
Word on the street (or perhaps a murmur in the back alleys of finance) suggests that an XRP ETF may find itself marooned indefinitely in regulatory limbo—a fate worse than a bad dinner invitation! Even so, Polymarket bettors wield bullish hopes for XRP ETF approval odds in 2025. Who would have thought we’d see some optimism amid this rather dreary landscape? With an 84% chance of approval this year—down from a heady 98% in June—it seems we’re all primed for a spectacle!
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2025-07-14 20:25