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

On April 8th, as reported by Bloomberg, the alternative asset management firm Teucrium Investment Advisors LLC has officially initiated a leveraged ETF linked to the cryptocurrency XRP. This makes it the first product in the US market to provide such exposure. XRP is the fourth-largest cryptocurrency in terms of market capitalization globally, with a market cap of approximately $111 billion. 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 a leverage return that is twice that of XRP's daily income through futures contracts. It will be officially listed on the trading platform on Tuesday and will be denoted by the ticker symbol XXRP, with an annual expense ratio of 1.85%. The launch of this product marks another bold move by traditional financial institutions in entering the field of crypto assets, reflecting the growing market attention to the potential of XRP. It is worth noting that there are currently no active XRP futures contract trades 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 was founded in 2010 and currently manages assets totaling $311 million. It has 12 ETFs under its management that cover various alternative markets.