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XRP价格：瑞波进军2560亿美元杠杆ETF市场，与银行展开竞争

2026-10-08 18:38:18

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Ripple Prime's ETF financing facility

Hidden Road Acquisition and New Financing

Ripple Prime now provides swap financing services to leveraged exchange-traded funds (ETFs), a business that has long been handled by large banks.

Tradr 2X Long SNDK Daily ETF pays Ripple the overnight bank financing rate plus a 4 percentage point fee.

XRP prices are close to $1.40, falling more than 5% in the past 24 hours.

Ripple established its brokerage business with the $1.25 billion acquisition of Hidden Road completed in October 2025.

Ripple Prime raised $275 million in August and expanded its partnership agreement with Brevan Howard on October 6.

Ripple has entered the financing business of leveraged exchange traded funds through its brokerage arm Ripple Prime. The Wall Street Journal reported on the move on October 7. Such swap financing business has long been handled by major banks and securities companies, providing stable fee income to providers. XRP reacted flatly to the news. At the time of writing, the token is trading at close to $1.40 and has fallen more than 5% in the past 24 hours. Technical indicators tend to be bearish. There were seven sell signals and five buy signals.

XRP Price on CoinGecko

Ripple Prime's ETF Financing Facility

杠杆式 ETF 旨在提供标的股票或指数每日回报的两倍或三倍收益。其经理通常使用总收益互换，而不是购买全额股份。

经纪人出售该基金的互换合约并收取费用。随后，经纪人通过购买股票或其他衍生品来对冲其风险敞口。

Ripple 的客户之一是 Tradr 2X Long SNDK Daily ETF，该基金追踪闪迪（Sandisk）股价每日变动的两倍。根据监管文件披露，该基金向 Ripple 支付隔夜银行融资利率加上 4 个百分点的费用。

截至周二，按年化计算，这笔费用约占基金资产的 8%。成本来自 ETF 投资者，且独立于基金管理费之外。

据 Morningstar Direct 数据，美国有 593 只杠杆式 ETF 管理着超过 2560 亿美元的资产。其中，426 只为单只股票基金。

Ripple Prime 总裁 Noel Kimmel 表示：“这绝对是我们要业务中一个不断增长且有意义的一部分。”

Jane Street 和 Clear Street 等非银行机构也活跃在该市场中。银行面临更严格的风险规则，而许多新成立的 ETF 发行商缺乏与银行的长期合作关系。

Hidden Road 收购案与新融资

Ripple 通过以 12.5 亿美元收购 Hidden Road 进入了主经纪商业务。该交易于 2025 年 4 月宣布，并于 2025 年 10 月完成，当时该公司更名为 Ripple Prime。

2026 年 8 月，Ripple Prime 推出了 Delta One 业务，提供针对美国股票、指数和数字资产的总收益互换。杠杆式 ETF 融资使用的是同类型工具。

该经纪公司于 8 月通过发行 KBRA 评级为 BBB 级的无担保高级票据筹集了 2.75 亿美元。此前，Neuberger Berman 于 5 月提供了 2 亿美元的融资额度。

Ripple Prime 服务于超过 300 家机构客户，据报道持有超过 10 亿美元的监管净资本。

据报道，ETF 融资交易并未与 XRP 或 Ripple 的 RLUSD 稳定币挂钩。

10 月 6 日，Ripple Prime 扩大了与管理规模约 350 亿美元的 Brevan Howard 的协议。Ripple 将为该对冲基金在传统市场和数字市场提供主经纪商、清算和融资服务。

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