Ripple (XRP) ETP Investment Cancelled From Jupiter's Portfolio: What Does it Mean?




Jupiter Asset Management is an asset manager that’s headquartered in London. The company has reportedly canceled its investment in The Ripple XRP ETP from 21Shares.

According to a report from the Financial Times, the asset manager had entered the trade back in the first half of 2023. The company purchased $2,571,504 worth of 21Share’s Ripple XRP ETP. Specifically, this was part of the strategy of Jupiter’s Ireland-domiciled $565M Gold & Silver fund.

However, the report states that the trade was flagged by the company’s “regular oversight process,” which meant that it had to be canceled. After selling the investment, Jupiter realized a loss of $834, which the firm covered.

According to the asset manager, the reason for the decision was because Ireland’s regulator prohibits exposure to cryptocurrencies in specific Ucits funds. However, it’s worth noting that there was no formal regulatory intervention.

Back in April 2023, the Bank of Ireland published an update on its clarified rules regarding the ability of Irish funds to gain exposure to digital assets. This is when it stipulated that digital currencies are not eligible investments for UCITS Funds.

At the same time, though, in December 2023, the Bank of Ireland also added a local subsidiary of Ripple to the list of registered VASPs – Virtual Asset Service Providers.

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