Is XRP emerging as the next big player after Bitcoin?..."Asset manager with $3.6 billion also accumulating"

▲ XRP/AI-generated image

Farmers & Merchants Investments, which manages $3.6 billion in assets, has once again highlighted traditional finance's interest in XRP by disclosing its holdings of Bitwise XRP ETF.

According to crypto-specialized media BeInCrypto on April 24 (local time), Farmers & Merchants Investments recently disclosed its holdings of Bitwise XRP ETF through a filing with the U.S. Securities and Exchange Commission (SEC). The company holds 2,374 shares of Bitwise XRP ETF, with a total value estimated at approximately $35,681.

Farmers & Merchants Investments has already been reported to hold BlackRock Bitcoin ETF (IBIT). This disclosure is noteworthy as it indicates the company is expanding its crypto exposure beyond Bitcoin (BTC) ETFs to XRP-related products.

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

XRP spot ETFs saw 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 mentioned a large exchange outflow from Evernorth Holdings, stating that large holders added an average of approximately 11 million XRP per day in April. With institutional demand, whale accumulation, and ETF inflows simultaneously highlighted, XRP is once again at the center of the market amid the trend of traditional finance expanding its crypto portfolio.

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