Hany Rashwan, the co-founder and CEO of 21Shares, issues bullish comments regarding the company’s potential launch of a spot-based XRP ETF.
Speaking in an interview with Paul Baron yesterday, Rashwan confirmed that launching a spot XRP ETF is part of the company’s global vision. He made this known when quizzed about the company’s delay in launching an XRP ETF despite a federal court declaring the token a non-security.
🔥Could XRP ETF be next? 😲@hany @21Shares
FULL EPISODE👉https://t.co/xEdne9IZYU#xrp #xrparmy #ripple $XRP pic.twitter.com/Uiqy5IQNRn
— Paul Barron Network (@paulbarrontv) July 24, 2024
21Shares Is Bullish on XRP
According to him, 21Shares is bullish on XRP, highlighting the company’s position as the world’s largest XRP exchange-traded product (ETP) issuer. The 21Shares Ripple XRP ETP has $69,166,817 ($69.16 million) worth of assets under management (AUM), with a year-to-date return of 7.54%.
In addition, Rashwan mentioned that his company has conducted numerous studies on XRP. Most of this research suggests that XRP has huge potential for growth as an investment vehicle.
Furthermore, the 21Shares CEO confirmed that the company is comforted by legal decisions clarifying XRP’s status as a non-security. Such a declaration is imperative for the potential launch of an XRP spot ETF, as it helps eliminate regulatory concerns.
XRP ETF- A Part of 21Shares Global Vision
Despite XRP’s non-security status, 21Shares is yet to file with the SEC to launch a spot-based XRP ETF. Nonetheless, Rashwan emphasized that launching an XRP ETF is part of 21Shares’ global vision, extending beyond the United States.
“I’ll say that it [XRP ETF] is absolutely part of our vision and ambition globally, not just in America,” Hashwan remarked.
At the moment, 21Shares has two spot ETFs for Bitcoin (BTC) and Ethereum (ETH). The company is also seeking to launch a spot ETF for Solana (SOL), the fifth-biggest cryptocurrency by market cap.
Why 21Shares Chose SOL ETF Over XRP
It bears mentioning that following the approval of BTC and ETH ETFs, SOL and XRP emerged as favorite ETF contenders.
Notably, 21Shares and VanEck opted for SOL over XRP. These companies have officially filed with the SEC to launch a spot-based exchange-traded fund for Solana.
According to Hashwan, the company opted for SOL over XRP due to the similarities between Solana and Ethereum. He contended that the similarities make establishing a case regarding a potential ETF regulatory approval for SOL easier.
“Part of our thinking was Ethereum being approved; Solana is pretty similar in a lot of ways. Sometimes, it could be easier to make a case for something that rhymes with what has been already approved rather than starting from scratch on a new asset,” Hashwan added.
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