A newly surfaced regulatory filing from the Charles Schwab Family of Funds has put several XRP exchange-traded funds in an unusual institutional role.
According to a Form N-MFP3 filed with the U.S. Securities and Exchange Commission on Sept. 8, the Schwab Prime Advantage Money Fund reported more than $1 million worth of shares in the Grayscale XRP Trust ETF as collateral.
The filing lists the Schwab Prime Advantage Money Fund under the Charles Schwab Family of Funds.
The Grayscale XRP Trust ETF collateral was valued at approximately $1.01 million.
The document also lists approximately $3.06 million worth of Canary XRP ETF shares and another roughly $702,000 in Franklin XRP ETF collateral.
The three reported positions would amount to nearly $4.8 million worth of XRP ETF shares being used as collateral.
The filing does not necessarily mean that Schwab's money market fund actually bought the XRP ETFs. Form N-MFP3 disclosures can identify securities posted as collateral. Thus, the filing actually means that XRP ETF shares entered institutional collateral arrangements.
More institutional filings
More and more investment advisers and other financial firms are gaining exposure to XRP-linked exchange-traded products (as recent filings indicate).
For instance, Clear Creek Financial Management disclosed 11,621 shares of the Bitwise XRP ETF for the quarter ending June 30.
Leisure Capital Management is also among the firms that have secured XRP exposure. The investment manager reported 16,745 shares of the Franklin XRP ETF in its second-quarter Form 13F.
Beacon Pointe Advisors, meanwhile, filed its second-quarter 13F with the SEC on Aug. 18.
Brookstone Capital Management has also appeared among firms reporting XRP-linked ETF exposure.
The individual positions remain relatively modest for large asset managers. Still, their appearance across multiple filings show that XRP ETFs are gaining more traction.
However, the XRP token remains under pressure. It is currently down 60% from its record high.
Dan Burgin
U.Today Editorial Team
