Grayscale Investments has filed to convert its Grayscale XRP Trust into a spot exchange-traded fund (ETF) at the New York Stock Exchange (NYSE). This move is part of the company's efforts to bring more crypto-based ETFs to market.
Details of Grayscale's Application
Grayscale's latest 19b-4 filing outlines key details about the proposed XRP ETF. Coinbase Custody Trust will act as the fund’s custodian, ensuring secure storage of XRP. BNY Mellon Asset Servicing will serve as the transfer agent. The ETF will be listed on NYSE Arca, pending regulatory approval.
Regulatory Changes
Grayscale's filing comes during significant shifts at the U.S. Securities and Exchange Commission (SEC). Recent personnel changes in the SEC and the approval of Bitcoin and Ethereum ETFs last year offer hope for similar ETFs for XRP, Solana, and Litecoin.
Expanding Race for Crypto ETFs
Grayscale is not alone in its efforts to expand the crypto ETF market. CoinShares, Bitwise, ProShares, WisdomTree, and REX Shares have all submitted filings for XRP-based ETFs, indicating strong institutional interest in the token.
If approved, the planned ETF would provide regulated exposure to XRP for traditional investors, potentially boosting institutional adoption of the token and stabilizing its market liquidity.
