Is XRP emerging as the next big thing after Bitcoin?..."Asset management firm with $3.6 billion also accumulating"

▲ XRP/AI-generated image

Farmers & Merchants Investments, an asset management firm with $3.6 billion in assets under management, has disclosed its holdings in the Bitwise XRP ETF, once again highlighting traditional finance's interest in XRP.

According to cryptocurrency media outlet BeInCrypto on April 24 (local time), Farmers & Merchants Investments recently revealed its holdings in the Bitwise XRP ETF through a filing with the U.S. Securities and Exchange Commission (SEC). The company holds 2,374 shares of the Bitwise XRP ETF, valued at approximately $35,681.

Farmers & Merchants Investments has also reportedly held the BlackRock Bitcoin ETF (IBIT). This disclosure is noteworthy as it shows the company expanding its virtual asset exposure beyond Bitcoin (BTC) ETFs to XRP-related products.

The original text explained that while Farmers & Merchants Investments' XRP ETF holdings are not large compared to its overall portfolio, it serves as an example of traditional financial institutions allocating funds to spot XRP ETFs. The article mentioned that Bank of America holds 13,000 shares of the Volatility Shares XRP ETF, and Goldman Sachs' XRP ETF holdings exceed $152 million.

The spot XRP ETF recorded a net inflow of $3.89 million as of Thursday. Franklin's XRPZ was the only one to record an inflow, increasing its cumulative total inflows to $1.28 billion and total assets under management to $1.08 billion.

The accumulation trend by whales and institutional investors is also continuing. The original text cited the large exchange outflow case of Evernorth Holdings, stating that large holders added approximately 11 million XRP per day in April. With institutional demand, whale accumulation, and ETF fund inflows all highlighted simultaneously, XRP is once again at the center of the market amidst the trend of traditional finance expanding its virtual asset portfolio.

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