The Ripple-backed 3iQ XRP ETF has been witnessing significant demand since its launch in Canada, reaching $23 million in just three days.
The 3iQ XRP ETF has had a great start since its launch last week, becoming one of the first spot $XRP funds to launch in Canada.
The asset manager revealed that its fund, in which Ripple is notably one of the investors, has crossed the $23 million AuM milestone.
3iQ XRP ETF Becomes Largest XRP ETF in Canada
In a press release, the asset manager announced that its $XRP fund is now the largest in Canada since last week's launch.
It comes as the fund has surpassed CAD $32 million ($23 million) in client assets, with investments from notable firms such as Ripple.
3iQ Corp achieved this feat after just three days of trading on the Toronto Stock Exchange (TSX) under the ticker 'XRPQ'.
The 3iQ XRP ETF launched on June 18 with 0% management fees for the first 6 months.
The asset manager notes that this makes it one of the most competitively priced digital assets on the market.
The $XRP fund was one of three ETFs that launched last week, providing institutional investors with exposure to the altcoin.
The other two funds are from Objective Investments and Evolve XRP ETFs. 3iQ’s fund invests only in long-term XRP holdings purchased from leading crypto exchanges and over-the-counter counterparts.
Commenting on the AUM milestone, 3iQ President and CEO Pascal St. Jean said,
Our XRP ETF’s impressive success after only a few days of trading, similar to what our Solana Staking ETF experienced very shortly after its launch, underscores the benefits we offer to both retail and institutional investors looking to increase exposure to digital assets.