Nasdaq Eyes XRP ETF Listing Amid Crypto's Rocky SEC Romance
Published Date: 2/25/2025
Notice
Summary
Nasdaq wants to start trading shares of the CoinShares XRP ETF, a fund tied to the cryptocurrency XRP, under a special rule for commodity-based trusts. This means investors can buy and sell these shares on Nasdaq soon, giving them a new way to invest in XRP without owning the crypto directly. The SEC is now asking for public comments before giving the green light, so keep an eye out for updates!
Analyzed Economic Effects
6 provisions identified: 4 benefits, 2 costs, 0 mixed.
New Nasdaq ETF for XRP Exposure
Nasdaq has filed to list the CoinShares XRP ETF so you can buy and sell shares on the exchange to get exposure to XRP without owning the cryptocurrency directly. The trust was formed on December 10, 2024, and the Registration Statement was filed January 24, 2025; the Shares will not trade until the Registration Statement is effective.
Intraday and Daily Pricing Transparency
The trust will publish an XRP Index Price (the Index) between 4:00 p.m. and 4:30 p.m. ET and the Trust's NAV will be calculated daily as of 4:00 p.m. ET. An intraday indicative value (IIV) will be disseminated every 15 seconds during the Regular Market Session (9:30 a.m. to 4:00 p.m. ET).
No Retail Redemption into XRP — APs Only
Creations and redemptions will occur only in Baskets of 5,000 Shares and only Authorized Participants (registered broker-dealers or certain financial institutions and DTC participants) may place creation or redemption orders; Authorized Participants will deliver and receive only cash (not XRP).
Custody Protections for Trust XRP Holdings
A qualified Custodian will hold the Trust's XRP in segregated accounts, use cold storage (private keys never connected to the internet), and carry fidelity insurance; transfers of XRP to or from the Custodian will occur only in connection with creations and redemptions.
Extended Trading Hours for Shares
The Exchange will allow trading in the Shares from 4:00 a.m. to 8:00 p.m. ET, expanding trading beyond the Regular Market Session. You can trade the Shares during these extended hours on Nasdaq.
No Staking, Forks, or Airdrop Benefits
The Trust, Sponsor, Custodian, and related parties will not use the Trust's XRP to earn additional XRP or other rewards; the Trust will disclaim and not account for incidental rights or assets from forks or airdrops when determining NAV.
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