Grayscale Investments Makes Great Strides in Transforming Access to XRP Investments

Officially, Grayscale filed its application with the New York Stock Exchange (NYSE) to transition the existing XRP Trust to a spot exchange-traded fund.

Grayscale Investments, a leading digital currency asset manager, has officially filed an application with the New York Stock Exchange (NYSE) to convert its existing XRP Trust into a spot exchange-traded fund (ETF). This move will provide investors with a direct way to acquire XRP exposure without holding the crypto itself. The ETF will be listed and traded on the NYSE, with Coinbase Custody Trust Company serving as the custodian and BNY Mellon Asset Servicing acting as the transfer agent.

To facilitate investors’ acquisition of XRP exposure without directly holding the crypto, Grayscale has worked with NYSE Arca to file the necessary 19b-4 application. This application will then begin the regulatory process with the SEC, which will include opening a public comment period before making a final decision.

The Trust will continue to calculate the net asset value (NAV) daily, having already tracked XRP’s market price. The Trust computes the NAV by multiplying the current market price of XRP by its holdings, ensuring that the shares reflect the true value of the cryptocurrency.

This filing is part of a broader trend in the crypto space, with firms like Bitwise and CoinShares also filing for XRP-based ETFs. Moreover, WisdomTree and Canary Capital are pursuing similar projects, which shows that more institutions are embracing this investment tool.

On the DEX front, XRP volumes have surged, with swaps traded on the XRP Ledger DEX surpassing $1 billion for the first time since May 2024. At the SEC, changes have been favorable for XRP ETFs. Mark Uyeda serves as the acting chairman of the commission, filling the position in Paul Atkins’ absence until his confirmation.

Meanwhile, Ripple Labs President Monica Long expects the approval of an XRP ETF. The market’s demand for crypto-based investment products is evident in the success of Bitcoin and Ethereum ETFs from Grayscale.

Having pioneered crypto ETFs and achieved great success with its Bitcoin Trust, Grayscale is now preparing to take a leadership position for crypto ETFs and expand its reach in the newly developing market.