[Lunch Briefing] Grayscale Launches Ripple Trust Product… “ETF Launch Aimed”

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Bitcoin (BTC) price chart as of 1:05 PM on the 13th. /Source=Bithumb


The main virtual asset is Honjo Se.

At 1:05 PM on the 13th, Bitcoin (BTC) recorded 77,835,000 won on Bithumb, up 0.16% from the previous day. Ethereum (ETH) rose 0.67% from the previous day to 3,165,000 won, Binance Coin (BNB) fell 0.68% to 730,000 won, Solana (SOL) fell 0.28% to 188,000 won, and Ripple (XRP) fell 0.13% to 755 won.



At the same time, on CoinMarketCap, BTC was trading at $57,888, up 2.17% from the previous day. ETH was trading at $2,357, down 1.59%, BNB was trading at $543, up 7.41%, SOL was trading at $134, up 2.88%, and XRP was trading at $0.5621, up 2.98%.

The total market capitalization of virtual assets is approximately $2.4 trillion (approximately KRW 2,711.262 trillion), the same as the previous day. The fear and greed index of virtual asset data provider Alternative.me is in a state of 'fear', rising 1 point from the previous day to 32 points.

Asset management company Grayscale Investments (hereinafter referred to as Grayscale) has launched a trust product based on the virtual asset Ripple (XRP).

Grayscale announced on X (formerly Twitter) on the 12th (local time) that it had “launched a new XRP trust product,” and that “it will be operated as a closed fund that provides direct investment exposure to XRP to accredited investors.”

Regarding this, American media outlet Fox Business evaluated that the XRP trust product opened the way for the launch of an XRP exchange-traded fund (ETF). Fox Business reported that, “Unlike ETFs, the trust product does not require approval from the U.S. Securities and Exchange Commission (SEC),” and “However, there is a possibility that it can be converted into an ETF if regulatory approval is received.” Grayscale added that “the ultimate goal of the trust product is conversion into an ETF.”

Grayscale began trading its Bitcoin (BTC) spot ETF, the Grayscale Bitcoin Trust (GBTC), in January after receiving SEC approval. It also launched an Ethereum (ETH) spot ETF in July.
Reporter Choi Jae-heon
chsn12@decenter.kr
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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