Grayscale Files to Convert XRP Trust to a Spot XRP ETF, Joins the SOL and LTC Filings

In the filing, Grayscale states its intention to list shares of the Grayscale XRP Trust on NYSE Arca. By converting this trust into an ETF

Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale XRP Trust into a spot exchange-traded fund (ETF) that would trade on the NYSE. This move follows similar initiatives from other major players, including CoinShares, WisdomTree, and Bitwise, who have filed their own XRP ETF proposals with the SEC.

If approved by the SEC, Grayscale's XRP ETF would provide investors with an easier way to gain exposure to the digital asset without navigating direct custody challenges. The trust currently holds around $16.1 million in assets under management and is structured as a Delaware statutory trust. Under the plan, Coinbase Custody Trust Company would continue to hold the underlying XRP.

Grayscale argues that upgrading the trust to a full-blown ETP would broaden investor access, bring in national securities exchange rules, and potentially deepen liquidity for XRP. The company also highlights the trust's role in offering an alternative to buying or storing the token themselves, especially for those who may be hesitant about such direct involvement.

The filing comes as institutional demand for a broader crypto lineup continues to grow. If the SEC signs off, the ETF route could drastically simplify investing in XRP. At the moment, the XRP price is showing little response to Grayscale's filing, hovering at $3.138. Despite being only 8% below its all-time high of $3.40, XRP still ranks as the third-largest cryptocurrency, with a market valuation close to $180 billion.