Grayscale Investments has officially filed to convert its Grayscale XRP Trust into a spot ETF on the New York Stock Exchange (NYSE), as part of its broader push to introduce more crypto-based ETFs.
Grayscale's Plans for XRP ETF
The company plans to transform its crypto trust, holding $16.1 million in assets, into a fully regulated investment vehicle for XRP. If approved, Coinbase Custody Trust will serve as the fund's custodian, while BNY Mellon Asset Servicing will act as the transfer agent. The ETF will be listed on NYSE Arca, pending regulatory approval.
Regulatory Changes
Grayscale's filing comes amid major shifts within the U.S. Securities and Exchange Commission (SEC). Recent personnel changes at the SEC offer optimism about possible regulatory adjustments. Last year, the SEC had already approved spot ETFs for Bitcoin and Ethereum.
Race for Crypto ETFs
Grayscale is not alone in seeking to expand the crypto ETF market. Firms like CoinShares, Bitwise, and ProShares have already filed for XRP-based ETFs. Despite the SEC's lack of immediate approval on the Solana ETF, analysts expect a strengthening position for crypto ETFs under the new administration.
The outcome of Grayscale's XRP ETF filing could have significant implications for the market, impacting investment opportunities and cryptocurrency adoption among traditional investors.
