- Grayscale files to convert its XRP Trust into a spot ETF with NYSE.
- The Trust manages $16.1 million in XRP assets, tracking XRP’s market price.
Grayscale Investments has filed with the New York Stock Exchange (NYSE) to convert its existing XRP Trust into a spot exchange-traded fund (ETF). The move aims to provide investors with direct exposure to XRP without holding the cryptocurrency. The Trust currently manages $16.1 million in XRP assets.
According to the filing, the Trust is one of the world’s largest XRP investment funds. If approved, shares will be listed and traded on the NYSE. Coinbase Custody Trust Company will serve as the custodian, and BNY Mellon Asset Servicing will be the transfer agent.
Grayscale coordinated with NYSE Arca to submit a 19b-4 filing required for ETF launches in the U.S. The Securities and Exchange Commission (SEC) will now review the application. A public comment period will precede the final decision.
The Trust already tracks XRP’s market price, and shares fluctuate accordingly. The net asset value (NAV) is calculated daily at 4:00 p.m. EST by multiplying the current market price of XRP by the Trust’s holdings.
XRP ETF Market Growth
Grayscale’s filing is part of a broader industry trend. Firms such as Bitwise and CoinShares have also submitted applications for XRP-based ETFs. WisdomTree and Canary Capital are pursuing similar initiatives that reflect increased institutional interest.
XRP trading volumes have surged on decentralized exchanges (DEX). January swap volumes on XRP Ledger’s DEX surpassed $1 billion for the first time since its automated market maker launched in May 2024.
The ETF push gained momentum after the departure of former SEC Chairman Gary Gensler. Acting Chairman Mark Uyeda currently oversees the commission while awaiting the Senate confirmation of Paul Atkins, a known crypto supporter.
Ripple Labs President Monica Long expressed optimism, stating an XRP ETF could soon become a reality. Grayscale’s success with other cryptocurrency-focused ETFs, such as Bitcoin and Ethereum, demonstrates strong market demand.
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