In the US, many altcoin ETFs have been launched after Bitcoin and Ethereum. One of them is the highly anticipated $XRP ETF.
While the $XRP ETF has become one of the most popular altcoin ETFs besides BTC and ETH, another major bank has disclosed its $XRP ETF holdings.
Accordingly, UBS Group, one of the world’s largest asset management companies managing $7 trillion in assets, has disclosed its $XRP ETF holdings.
Swiss-based financial giant UBS announced its investment in $XRP in a 13F filing with the US Securities and Exchange Commission (SEC).
This stands out as one of the most significant institutional investments in $XRP.
Instead of holding $XRP directly, the bank invested in the Volatility Shares $XRP ETF and the Grayscale $XRP Trust.
According to the announcement, UBS holds 197,369 shares in the Volatility Shares $XRP ETF and 317 shares in the Grayscale $XRP Trust.
For investors, UBS’s announcement of its $XRP investment can be seen as a signal of increasing institutional confidence in $XRP as an asset class. Furthermore, the preference of institutions for ETFs and mutual funds over direct investment underscores the importance of regulatory compliance for large institutions.
Furthermore, according to experts, the inclusion of $XRP products in the portfolio of a large bank like UBS invalidates the notion that $XRP is solely a retail-focused asset. This is seen as a significant endorsement from institutional investors.
*This is not investment advice.
