3iQ Digital Asset Administration has introduced that its spot XRP-based ETF has surpassed $50 million in property beneath administration, which marks a major milestone for the fledgling product that debuted final month.
It has change into the biggest North American spot ETF centered on the Ripple-linked token.
In keeping with CEO and President Pascal St-Jean, each retail and institutional traders are liable for the product’s early success.
As reported by U.At the moment, 3iQ was among the many first issuers to launch a spot ETF in Canada. Goal Investments and Evolve Funds Group additionally debuted competing merchandise tied to the favored altcoin on the identical day.
What about US ETFs?
Canada’s ETF market is comparatively small in comparison with that of the US ($432 billion and $10 trillion price of property beneath administration, respectively).
A number of issuers, equivalent to Franklin Templeton, Bitwise, and 21Shares, are additionally vying to launch a spot XRP ETF within the US. Nevertheless, such a product is but to be permitted by the SEC.
Greater than a dozen filings stay beneath assessment, and their approval will not be anticipated to happen till the fourth quarter of 2025.
As reported by U.At the moment, an XRP ETF may find yourself being caught in a regulatory limbo because the SEC continues to work on streamlining the method of crypto ETF approval.
But, Polymarket bettors stay bullish on XRP ETF approval odds in 2025. Such a product has an 84% likelihood of being greenlit this yr, down from 98% in early June.