Grayscale Investments has officially submitted a proposal to the New York Stock Exchange to launch a spot ETF based on XRP. This move aims to transform its existing XRP Trust into an ETF for trading shares directly on the NYSE.
Grayscale's Proposal for Spot XRP ETF
Grayscale aims to transform its XRP Trust into a spot ETF, allowing investors to gain direct access to fluctuations in XRP's market price. This is part of a broader trend of companies pursuing cryptocurrency-focused ETFs.
Volume and Purpose of XRP Trust
The Grayscale XRP Trust is among the largest investment funds focused on XRP, with approximately $16.1 million in assets. It serves American investors seeking exposure to XRP without the complexities of direct cryptocurrency ownership.
Significance and Grayscale's Next Steps
Grayscale also announced a Bitcoin Miners ETF recently. This is part of expanding their range of ETFs, including future plans for funds tracking other digital assets like Solana. The establishment of the Grayscale XRP Trust last September marked a pivotal moment for regulated XRP investments. With ongoing legal developments between Ripple Labs and the SEC, it could be crucial for XRP's future in regulated markets.
Grayscale's plans for a spot XRP ETF reflect a growing interest in crypto investments and confidence in their mainstream integration.
