Stellar, Ripple and Solana-Based Investment Funds See AUM Spike in July

The large gains began following Ripple’s partial court victory over the SEC in the middle of the month.

AccessTimeIconJul 26, 2023 at 7:45 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Assets under management (AUM) for investment funds linked to Stellar’s XLM, Ripple’s XRP and Solana’s SOL surged higher in July, according to a report from CCData.

Most of the AUM boost came on July 14, one day after a U.S. judge ruled the sale of XRP tokens on exchanges did not constitute investment contracts.

The decision led to sharp price gains across the crypto sector, particularly for XRP itself as well as other altcoins, XLM and SOL among them.

AUM for XLM-based products increased by 62.7% to $17.3 million. Among those funds is Grayscale's Stellar Lumens Trust (XLM), whose premium to net asset value surged to 330%, said CCData.

XRP-based products recorded a 33.2% increase in AUM in July to $65.7 million, and SOL-based products saw a 55.7% increase in AUM to $87.8 million, said the report.

“Sentiment surrounding XLM has been positive over the past month, bolstered by the advancement of its partnership with USDC's Circle and strategic collaborations with entities such as MoneyGram,” said Hosam Mahmoud, research analyst at CCData, in a note to CoinDesk.

Edited by Stephen Alpher.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.