Grayscale Investments has filed with the NYSE to convert its XRP Trust into a spot ETF, allowing investors direct exposure to XRP without directly holding the cryptocurrency.
XRP Trust Conversion
The Trust manages $16.1 million in XRP assets. 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 as the transfer agent.
Trends in the XRP ETF Market
Grayscale's filing is part of a broader industry trend. Companies like Bitwise and CoinShares have also applied for XRP-based ETFs. WisdomTree and Canary Capital are pursuing similar initiatives, reflecting increased institutional interest.
Institutional Interest in XRP
XRP trading volumes have surged on decentralized exchanges. January swap volumes on the XRP Ledger's DEX surpassed $1 billion. Grayscale's success with other cryptocurrency ETFs, such as Bitcoin and Ethereum, demonstrates strong market demand.
Grayscale's bid to convert XRP Trust into a spot ETF could create new opportunities for investors, strengthening the company's position in the ETF market. Institutional interest continues to grow, potentially driving further market development.
