Jupiter reportedly put $2,571,504 into the 21Shares Ripple XRP ETP (AXRP) in the first half of 2023, as reported by the Financial Times.
Reportedly, Jupiter Asset Management’s internal compliance team has pulled the funds out of the 21Shares Ripple XRP ETP because of problems with Irish regulations.
When the company first put more than $2 million into the fund, it lost $834. Jupiter allocated $2,571,504 towards the 21Shares Ripple XRP ETP (AXRP) in the initial six months of 2023, as reported in a recent Financial Times article.
Nevertheless, the precise date of the first investment remained unclear. The ETP, on the other hand, returned 31.7% in a year, although it has lost 13.2% of that value in the latter half.
After its introduction in March 2019, the AXRP watches how XRP does. The ETP’s assets under management (AUM) amount to $50,497,518 as per the 21Shares website.
Cryptocurrency is off-limits to asset managers in Ireland who are required to comply with the UCITS Directive, according to the research.
Jupiter reportedly disposed off the investment after its compliance staff discovered the deal in one of its Irish UCIT funds.
For $2,570,670, Jupiter lost $834 when it sold its Ripple XRP ETP holdings. “Our routine supervision mechanism caught up on the deal, and so we terminated it.”
The recent approval of eleven-spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) has sparked continued speculation regarding the possibility of an XRP ETF.
Others have expressed skepticism, meanwhile, because of Ripple’s ongoing legal battle with the SEC over the classification of XRP as a security.
According to Cointelegraph’s reporting from January 24th, Townsend Lansing, head of product at CoinShares, said that an XRP ETF would not be possible unless the SEC accepts or agrees to the fact that XRP is not a security.
Furthermore, Ripple CEO Brad Garlinghouse is of the opinion that additional crypto ETFs will be approved in 2024, thanks to the recent approval of several spot Bitcoin ETFs in the US.
Although Garlinghouse stopped making an outright prediction on the SEC’s approval of an XRP ETF in a recent interview with CNBC, he did state that an Ethereum ETF would very soon get approval.
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