Grayscale Seeks XRP ETF Listing on NYSE Amidst Growing Institutional Demand

Grayscale Files for XRP ETF with NYSE as Institutional Demand Rises

Grayscale Investments, a leading digital asset manager, has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to convert its XRP Trust into a spot exchange-traded fund (ETF). The filing, submitted through the New York Stock Exchange (NYSE), aims to list and trade shares of the XRP ETF on the NYSE Arca.

The XRP Trust, one of the world's largest investment funds focused on XRP, currently manages approximately $16.1 million in assets. Grayscale argues that converting the trust into an ETF would provide investors with broader access to XRP while benefiting from the oversight of a national securities exchange.

The trust is structured to track XRP's market price, minus fees, with assets held in custody by Coinbase Custody Trust Company. The filing comes just a week after Grayscale submitted applications for Solana and Litecoin ETFs, indicating a strategic move to expand its crypto investment offerings.

Grayscale's XRP ETF filing is part of a broader trend of asset managers seeking to introduce cryptocurrency-focused ETFs. The company joins other asset managers, such as CoinShares and Bitwise, in submitting proposals for XRP ETFs to the SEC. If approved, the ETF would provide investors with regulated exposure to XRP without requiring direct ownership or self-custody of the digital asset.

The XRP ETF filing comes amidst rising institutional demand for digital assets. As regulatory frameworks evolve, this move could enhance accessibility for a wider range of investors, necessitating vigilance among stakeholders as they navigate this dynamic landscape. The potential approval of crypto ETFs may reshape the investment paradigm, allowing for broader engagement with digital assets that are poised to play a significant role in the future of finance.