Jupiter Asset Administration (JUN) is withdrawing its funding in one among its exchange-traded cryptocurrency merchandise (ETPs).
JUN, a London-listed agency with greater than $65.8 billion in belongings below administration, has pulled out of the funding resulting from compliance points, the Monetary Occasions (FT) reported.
Jupiter Gold & Silver fund invested $2.58 million within the Ripple (XRP) 21Shares ETP within the first half of 2023. Nevertheless, the funding was flagged by the corporate’s common oversight course of and was later canceled at a lack of $834.
The FT cites variations within the regulation of cryptocurrencies in Europe as the rationale for the cancellation. Thus, the Jupiter Gold & Silver Fund is positioned in Eire, the place investments in cryptocurrency are prohibited for UCITS funds. On the identical time, a number of different European jurisdictions permit funding funds to retailer cryptocurrency.
In January, funding firms Invesco and WisdomTree decreased administration charges for Bitcoin (BTC) primarily based change merchandise in Europe by greater than 60%. The rationale was decrease charges for U.S. spot Bitcoin exchange-traded funds (ETFs), which had been admitted to the market on Jan. 11. In keeping with Gary Buxton, Invesco’s regional head of ETFs, launching BTC-ETFs within the U.S. has led to “unprecedented development within the provide” of such merchandise.