Teucrium launched the first US-leveraged XRP ETF, the 2x Long Daily XRP ETF, on April 8. The ETF, trading under the ticker XXRP, had an impressive start, with around $5 million in trading volume on its first day.
This performance places it among the top 5% of new ETF launches, according to Bloomberg analyst Eric Balchunas. The fund’s debut was significantly stronger than that of the Volatility Shares’ 2x Solana ETF, which launched earlier in March.
The 2x Long Daily XRP ETF aims to provide double the daily returns of XRP through swap agreements. Due to the lack of suitable US-listed spot XRP ETFs, the fund uses reference rates from several European exchange-traded products. Teucrium, known for its commodity ETFs, is expanding into the crypto space after previously launching a Bitcoin futures ETF.
Sal Gilbertie, CEO of Teucrium, described the launch as their most successful to date, highlighting the excitement surrounding the product. The ETF was filed shortly after a change in SEC leadership, which Gilbertie believes contributed to a smoother approval process. The fund is designed as a short-term trading tool, ideally for one-day trades, and is not suitable for buy-and-hold investors.
Teucrium is also considering launching an inverse XRP ETF, the 2x Short Daily XRP ETF, but will wait to assess investor interest before proceeding. The company is open to creating more crypto-related products in the future.
Gilbertie distinguishes between Bitcoin, which he views as “digital gold,” and other cryptocurrencies like XRP and Ether, which he sees as technology platforms. He believes these assets should be valued similarly to technology stocks, especially when companies like Ripple go public.
