First Ripple (XRP) ETF in US Racks Up $ 5M in Debut to be ‘most successful launch’ of Teucrium
The Teucrium Investment Advisors’ 2x Long Daily XRP Exchange-Traded Fund (XXRP), the first-leveraged XRP product in the US, racked $ 5 million in Tuesday’s debut volume of debut, becoming one of the company’s “most successful” introduction and posting a top 5% performance for a new ETF.
The ETF is designed to deliver twice the day -to -day return of XRP through replacement agreements. Without a suitable area listed in the US available by XRP ETFs, swaps reference rates include some European -exchanged products.
Changing the US government and the more pro-crypto bearing have helped bring ETF to the market. The filing for the ETF took place after the previous Securities and Exchange Commission (SEC) administration (SEC), and once the average 75-day review period, Teucrium seized the first launch window.
“We filed as soon as possible after the old SEC regime left … We launched today,” CEO Sal Gilbertie said on Tuesday. “I think it’s about a hundred thousand shares.”
The fund saw nearly four times the preliminary activity of sharing of ‘2x Solana ETF (Solt), urging it to the top 5%, according to Bloomberg ETF’s analyst Eric Balchunas.
“This is a shock -awful, successful launch – our most successful launch day to the present for any fund we have made,” Gilbertie said. “There was so much excitement … I think there was a lot because we didn’t notice.”
The ETF gets XRP exposure through swaps tied to the European XRP ETP but can also use other instruments associated with XRP, such as futures, to enhance efficiency and cut costs. Gilbertie emphasized that the product is not for long -term investors.
“It’s absolutely a short-term trading tool-is perfect for a day,” he said. “Due to reset and math … If that asset goes up very slow or sideways or down, you will lose money.”
The Teucrium, which manages approximately $ 320 million throughout 12 ETFs, is already planning an opposite XRP ETF, the Teucrium 2x short -day -day XRP ETF, A prospectus displays. This will allow investors to earn from the fall of the XRP price, even though Gilbertie says the company will wait to check the demand before continuing.
