Grayscale's XRP ETF Bid: A Game Changer for Crypto Investors
1min read Grayscale Files For Spot XRP ETF With The NYSE — What’s Next?
Crypto asset manager Grayscale has filed an application with the United States Securities and Exchange Commission (SEC) to convert its XRP Trust to a spot XRP ETF. If approved, the fund will be listed on the New York Stock Exchange (NYSE). The move comes as institutional investors show increasing appetite for digital assets, with similar efforts already made for Bitcoin and Ethereum.
The Grayscale XRP Trust currently holds about $16.1 million in assets, mirroring XRP’s value, which a custodian maintains according to institutional standards. Operating as a Delaware statutory trust, it tracks the price of XRP minus fees, with assets held in Coinbase Custody Trust Company.
If approved by the SEC, the shares of the spot XRP ETF will be traded more like stocks, opening up an investment window for traditional investors to increase their market exposure. Grayscale continues its institutional push to altcoins, having filed spot Solana and Litecoin ETFs. Other institutional players have also filed spot XRP ETFs, with commentators anticipating more participation.
XRP recorded slight gains after the announcement but lost gains following a bearish crypto market. At press time, the asset exchanges hands at $3.04, down 2% today and 3.6% in the last seven days. The weakened sentiments have wiped off several wins notched by altcoins.
XRP maintains its position as the third largest crypto asset, with metrics pointing north. In recent weeks, institutional investors have mounted buying pressure on the asset with huge whale purchases. These factors spurred price projections above $6 in the next.
