- Grayscale has reopened private placement offerings for its XRP Trust and other crypto trusts, targeting accredited investors.
- The move aims to expand investment opportunities and leverage growing institutional interest in digital assets like XRP.
- Since its launch, the XRP Trust has grown 11.44% in net asset value (NAV), currently peaking at US$11.79.
Grayscale has relaunched its XRP Trust to eligible investors, allowing them to purchase shares. The trust is expected to attract institutional investors interested in digital assets like XRP, and it looks like it’s working so far.
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XRP Trust Net Asset Value Surges
The trust’s net asset value (NAV) has increased significantly, rising by 11.44% since its debut. As of September 17, the trust peaked at US$11.79 (AU$17.32) per share, showing strong investor interest.
Although the value dipped slightly to US$11.49 (AU$16.86) on September 18, the overall performance remains positive. The trust has a management fee of 2.50%, which is typical Grayscale business management.
Technically, Grayscale formally announced the launch of the XRP Trust on September 12.
Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, emphasised the trust’s potential to offer investors exposure to XRP’s role in facilitating fast cross-border payments. She remarked on the token’s ability to transform traditional financial systems due to its speed and efficiency.
Before the official announcement, the trust’s NAV had already been on the rise. It started at US$10.30 (AU$15.12) per share on September 6 and climbed steadily to US$11.25 (AU$16.51) by September 12 before reaching its highest point on September 17.
As per a snapshot from Grayscale, XRP topped the list of the top 10 crypto assets by 1 week returns.
The upward momentum has attracted attention from crypto analysts, with CryptoMoses commenting on the “strong momentum” in an X post. Another user pointed to the growing institutional interest in the asset.
Related: XRP, Sui Rally Amid Grayscale Trust Launch in US, XRPL to See Smart Contract Capability
Meanwhile, other trusts launched by Grayscale have seen mixed results.
The NEAR and Avalanche Trusts have experienced declines, with NEAR Trust’s NAV falling to US$6.12 (AU$8.97) as of September 18 and the Avalanche Trust dropping 1.68% to US$11.72 (AU$17.2) per share.
However, the SUI Trust outperformed XRP, rising by nearly 8% within 24 hours.
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