Jupiter Asset Management Cancels Investment in Ripple XRP ETP
Jupiter Asset Management, a London-based asset manager, has decided to cancel its investment in The Ripple XRP ETP from 21Shares.
The Trade and Cancellation
In the first half of 2023, Jupiter Asset Management purchased $2,571,504 worth of 21Share’s Ripple XRP ETP as part of its strategy for the Gold & Silver fund. However, the trade was flagged during the company’s oversight process and had to be canceled. Jupiter incurred a loss of $834, which it covered.
Regulatory Prohibition
Ireland’s regulator prohibits exposure to cryptocurrencies in specific Ucits funds. Although there was no formal regulatory intervention, Jupiter decided to cancel its investment due to this prohibition.
Bank of Ireland’s Clarification
In April 2023, the Bank of Ireland published an update clarifying that digital currencies are not eligible investments for UCITS Funds. However, in December 2023, the bank added a local subsidiary of Ripple to its list of registered VASPs.
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