Grayscale Amends XRP Trust Filing – ETF Push Continues

Grayscale recently updated its XRP Trust ETF with new trading platform changes, including the addition of Binance, Gate, and HashKey. Bitfinex was removed due to non-compliance. This adjustment aligns with the trust's ongoing strategy to align with compliant and active trading platforms. The changes were filed with the SEC on January 26, 2026.

In parallel, 21Shares has seen a 34% increase in NAV per share for its XRP ETF, TOXR. The fund now holds $279.9 million in net assets, up from $219.8 million. This growth is attributed to strong XRP price appreciation during the third quarter of 2025. The ETF tracks the spot price of XRP without using derivatives, making it a direct exposure vehicle.

Grayscale is also seeking regulatory approval to convert its Grayscale Near Trust into a spot ETF. The filing, made on January 20, 2026, proposes listing the product on NYSE Arca under the same ticker symbol, GSNR. Coinbase Custody Trust Company will serve as custodian, while the Bank of New York Mellon will act as the administrator. This move is part of Grayscale's broader strategy to expand its crypto ETF product lineup.

Why Did This Happen?

The amendments to Grayscale's XRP Trust ETF are part of a broader effort to align the fund with the latest market conditions and trading platforms. By removing non-compliant exchanges and adding others, the trust aims to ensure regulatory compliance and market efficiency. These changes are reviewed monthly, allowing the fund to adapt to evolving market demands.

21Shares' XRP ETF growth reflects the rising institutional interest in XRP. With the end of Ripple's SEC case in 2025, more investors are treating XRP as a compliant digital asset. This trend is evident in the steady inflows into XRP ETFs and the increased use of XRP in payments and liquidity systems.

Grayscale's proposal for a Near ETF is part of its ongoing strategy to expand its crypto ETF offerings. The firm has previously converted several trusts into ETFs, including its XRP and Chainlink Trusts. This move builds on the momentum from those conversions and reflects Grayscale's confidence in the demand for NEAR-based products.

How Did Markets React?

Despite Grayscale's filing, the NEAR token did not see an immediate price increase. Over the past 24 hours, NEAR declined by 1.76%. However, the token showed some short-term resilience, rising over 3% following the filing. This suggests that while the market was initially cautious, there was some optimism about the proposed ETF.

The XRP ETF from 21Shares has seen consistent inflows. As of January 2026, the fund had received $1.37 billion in inflows over the past 60 days, with 43 consecutive days of positive inflows. This performance outpaced Bitcoin and Ethereum ETFs, which saw outflows during the same period. The strong inflows into XRP ETFs indicate that investors are increasingly viewing XRP as a viable asset within the crypto ecosystem.

ETF inflows have also influenced XRP's on-chain metrics. Exchange balances for XRP have fallen by 57% since 2025, from 4 billion tokens to 1.7 billion. This reduction in circulating supply has created a structural tightness that may support further price appreciation.

What Are Analysts Watching Next?

Analysts are closely monitoring the regulatory environment for new crypto ETFs. The SEC's approval of spot XRP ETFs has set a precedent for other altcoins, including NEAR and Solana. Grayscale's proposal for a Near ETF could signal broader acceptance of altcoin ETFs in the U.S. market.

The performance of XRP ETFs is also being watched for signs of sustained institutional demand. With 21Shares and Grayscale leading the way, other firms like Bitwise and Franklin are also offering XRP ETFs. The collective success of these funds could shape the future of altcoin investing and influence broader market trends.

Market analysts are also tracking the impact of ETFs on XRP's price. While the token has shown strong appreciation in 2025, the ETF-driven demand could lead to further price gains. Standard Chartered analyst Geoffrey Kendrick has set a $8 price target for XRP in 2026, assuming annual inflows reach $8 to $10 billion.

The regulatory landscape for altcoin ETFs is still evolving. As more firms file for approval, the SEC's response will be a key factor in determining the future of these products. The success of XRP ETFs may encourage the approval of ETFs for other altcoins like Ethereum and Solana.

Investors are also looking at the broader implications of ETF adoption. If altcoin ETFs gain traction, they could provide a more regulated and institutional-grade way to access digital assets. This could lead to increased mainstream adoption and a shift in how investors view and allocate capital within the crypto market.