Grayscale, a US-based asset management company, has filed through the New York Stock Exchange to convert its XRP Trust into a spot ETF.
Filing for XRP Trust Conversion
Grayscale filed a 19-b form to convert its XRP Trust into a spot ETF. The fund already holds $16.1 million, and once trading on NYSE begins, more investments are anticipated.
Potential for Investors
American users will be able to leverage this trust, allowing their investment portfolios exposure to XRP. Grayscale became the seventh asset manager to submit such a proposal.
Features of the New ETF
The new spot ETF for XRP will not engage in active management, meaning it will not undertake activities aimed at profiting from or mitigating losses due to XRP's market price fluctuations. The trust was created last year following a favorable ruling for Ripple by Judge Analisa Torres.
The new ETF from Grayscale could be a significant step toward increasing the accessibility of crypto products for a wider audience through traditional exchanges.
