The anticipated launch of the first US exchange-traded fund (ETF) that holds spot XRP has been delayed, sparking confusion and misinformation across social media platforms associated with Ripple and XRP. Initially set to begin trading today, the debut has now been postponed, with the earliest potential start date pushed to at least next week.
In the week leading up to this expected launch, XRP gained traction, outperforming other major cryptocurrencies. It saw a notable 7% increase, surpassing Bitcoin’s 3% and Ethereum’s 5%, as investors anticipated positive news surrounding the ETF.
Despite media reports claiming that today marked the end of the 75-day Securities and Exchange Commission (SEC) review period for Rex-Osprey’s spot ETF application, delays have caused uncertainty. The commission, under the leadership of Paul Atkins, has yet to provide the necessary approval for trading to commence.
Bloomberg’s ETF analysts speculate that if trading does begin, it could be as early as Thursday. However, they warn that more delays are possible, complicating the landscape further for potential investors and industry followers.
As the situation develops, neither Osprey Funds nor REX Shares has released a new ticker symbol for the anticipated spot XRP ETF. This lack of communication is notable, given the firms’ historical practice of announcing ticker symbols for other SEC-approved ETFs.
In addition to REX-Osprey, several other ETF sponsors have SEC decision deadlines related to spot XRP ETFs scheduled for October. These include major firms such as Grayscale, 21Shares, Bitwise, WisdomTree, Franklin Templeton, and CoinShares.
Interestingly, REX-Osprey’s application stands out due to its use of a registered investment company (RIC) structure, a departure from traditional spot crypto ETFs. This RIC structure allows for the possibility of buying derivatives and investing in other ETFs under specific market conditions, whereas conventional spot ETFs can only hold the underlying asset.
Earlier this year, Teucrium made history by launching a 2X leveraged XRP ETF—although not a spot ETF, it was significant as the first US ETF directly linked to the price of XRP, reflecting the ongoing evolution and expanding options for cryptocurrency investments in traditional financial markets.
