Bloomberg: New Shitcoin ETF Launched, Wall Street's Crypto Investment Enthusiasm Faces Another Test

BlockBeats News, April 8th, according to Bloomberg, alternative asset management company Teucrium Investment Advisors LLC has officially launched a leveraged ETF linked to the cryptocurrency XRP, making it the first product in the US market to offer this kind of exposure. XRP is the fourth largest cryptocurrency by market capitalization globally, with a market cap of approximately $111 billion, and it is also the core asset in the recent investigation of Ripple Labs Inc. by US regulatory agencies.

According to the Teucrium website, this product named "Teucrium 2x Long Daily XRP ETF" will achieve twice the leverage return of XRP's daily income through futures contracts. It will be officially listed on the trading platform on Tuesday with the ticker symbol XXRP and an annual expense ratio of 1.85%.

The launch of this product marks another bold attempt by traditional financial institutions to layout in the realm of crypto assets, reflecting the increasing market attention to the potential of XRP. It is worth noting that there are currently no active XRP futures contract trading on mainstream US commodity exchanges. However, Teucrium stated in the fund prospectus that in the future, XRP futures and other financial instruments providing exposure to this asset may be included.

Teucrium, founded in 2010, currently manages assets totaling $311 million and has 12 ETFs covering various alternative markets under its management.