Ripple Backed XRP ETF Hits $23M AuM In Under Three Days
Powered by ChatGPTHIGHLIGHTS 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.