Grayscale Investments officially filed to convert its XRP Trust into a spot exchange-traded fund (ETF) at the New York Stock Exchange (NYSE).
Details of Grayscale’s Application
Grayscale aims to provide secure XRP storage and meet all regulatory standards. Key details of the filing include Coinbase Custody Trust as the custodian, and BNY Mellon Asset Servicing as the transfer agent. The ETF will be listed on NYSE Arca pending regulatory approval.
Regulatory Changes
Grayscale’s filing comes amid significant shifts within the SEC. The appointment of pro-crypto figures in the administration and the creation of a new crypto division led by Hester Peirce bring optimism for cryptocurrency instrument approvals.
Competition in the Crypto ETF Market
As Grayscale pushes forward in the crypto ETF market, competitors such as CoinShares, Bitwise, and WisdomTree have also filed for ETFs tied to XRP and other cryptocurrencies, indicating strong institutional interest.
If Grayscale's application is approved, it could mark a significant step toward broader institutional acceptance of XRP and other cryptocurrencies through regulation and new financial instruments.
