XRP Secures Its First Asian Tracker Fund Through HashKey Capital

Crypto asset manager HashKey Capital has launched Asia's first XRP tracking fund for institutional investors. Known as the HashKey XRP Tracker Fund, this vehicle offers professional investors a regulated way to gain exposure to XRP without owning the token directly, according to The Block.

Ripple steps in as anchor investor

Backing this fund is Ripple, the blockchain firm behind XRP. Ripple will provide the initial seed investment, cementing the partnership with HashKey Capital. This is only the beginning, according to HashKey. The firm plans to expand its product offerings with Ripple across various blockchain and DeFi initiatives.

"XRP stands out as one of the most innovative cryptocurrencies in today’s market," said Vivien Wong, Partner, Liquid Funds at HashKey Capital. "With the first XRP Tracker Fund available in the region, we simplify access to XRP, catering to the demand for investment opportunities in the very best digital assets."

HashKey Capital already manages several crypto investment products. These include spot ETFs for Bitcoin and Ether through a joint effort with Bosera, which are listed on the Hong Kong Stock Exchange. The new XRP tracker is the firm’s third crypto tracker fund.

A vote of confidence in Asia’s crypto future

The move is being viewed as part of a broader strategy to position Asia as a global hub for regulated digital assets. Institutional investors, especially in the Asia-Pacific region, are seeking professionally managed, regulated options to diversify their portfolios beyond Bitcoin and Ether.

Ripple’s Managing Director for Asia-Pacific, Fiona Murray, emphasized that the partnership is a strategic one. 

“This fund delivers what institutions have been waiting for: regulated access to XRP in one of the most active crypto regions,” she said.

HashKey’s deep connections with regulators, investors, and financial institutions in the region could serve as a powerful lever for XRP adoption across institutional markets.

The fund allows subscriptions and redemptions monthly, and investors can choose between cash or in-kind options. That flexibility mirrors traditional fund structures, making the product more familiar to legacy investors entering crypto.

Timing aligned with XRP's legal momentum

The fund’s launch coincides with a significant moment in XRP’s legal narrative. On April 16, 2025, the U.S. Court of Appeals temporarily paused the appeal in the SEC vs. Ripple lawsuit, delaying any immediate requirement for Ripple to respond regarding its institutional sales of XRP.

This legal pause turned the spotlight back to Judge Analisa Torres, who will now be responsible for issuing the final ruling. The SEC also agreed to withdraw its appeal. Ripple, in turn, will retract its counter-appeal.

According to reports, the proposed settlement allows the SEC to retain $50 million from the original $125 million penalty. In return, restrictions on institutional XRP sales will be lifted, paving the way for broader market adoption.

This development has sparked speculation that the groundwork is being laid for the approval of a U.S.-based XRP spot ETF.

XRP ETF approval may be on the horizon?

Analysts at Standard Chartered believe an XRP spot ETF could receive approval as early as Q3 2025. Should that happen, inflows could exceed $8 billion within the first year, according to estimates. 

At least seven asset management firms are currently pursuing approval for an XRP ETF. Among them, Grayscale's spot XRP filing is set to receive an SEC response by May 22, 2025.

With Ripple’s legal challenges easing and institutional interest growing, XRP appears to be entering a new phase. Legal experts like Bill Morgan and Fred Rispoli suggest that future filings may reduce penalties further and eliminate any remaining injunctions on Ripple’s operations. These steps could remove the final hurdles to launching a U.S.-based XRP ETF.

With XRP currently ranked as the fourth-largest cryptocurrency by market cap at around $121 billion, interest in the token is anything but niche. The utility of XRP in cross-border payments, tokenization, and value storage continues to attract attention from global companies.