3iQ Digital Asset Management has announced that its XRP-based spot ETF has surpassed $50 million in assets, marking a significant achievement in the market.
Details on 3iQ's XRP ETF
3iQ Digital Asset Management announced that its XRP-based spot ETF has exceeded $50 million in assets under management. CEO Pascal St-Jean noted that the product's early success has been driven by both retail and institutional investors.
Competition in the ETF Market
3iQ was one of the first issuers to launch a spot ETF in Canada. On the same day, Purpose Investments and Evolve Funds Group introduced competing products tied to the popular altcoin, highlighting an increasing competitiveness in the ETF market.
Future of XRP ETFs in the US
While the Canadian ETF market is significantly smaller than that of the US, where assets total $10 trillion, several issuers, such as Franklin Templeton and Bitwise, are vying to launch a spot XRP ETF in the US. However, no such products have yet been approved by the SEC. More than a dozen filings are under review, with expectations for approval not until the fourth quarter of 2025.
The success of 3iQ's XRP ETF highlights the growing interest in cryptocurrencies among investors, despite regulatory challenges in the US. The next steps for approving new ETFs remain a focal point.
