Crypto asset manager Grayscale announced on Thursday the launch of the Grayscale XRP Trust, a closed-end fund that allows investors to gain exposure to the XRP token.
“We believe Grayscale XRP Trust gives investors access to a protocol with significant real-world use cases,” Rayhaneh Sharif-Askary, head of product and research at Grayscale, said in a press release issued on Thursday. Cross-border payments can be completed in minutes, and XRP has the potential to change the traditional financial infrastructure.”
Grayscale stated that this new fund is now open for daily subscription by qualified individuals and institutional investors. After the news was announced, the price of the XRP token surged by more than 8% for a short period of time before quickly falling back. The XRP price at press time was $0.56.
Grayscale once managed an XRP fund, which was later closed in 2021 after the U.S. Securities and Exchange Commission (SEC) sued XRP issuing company Ripple, arguing that the token was a security under U.S. law.
Grayscale has successively issued trust funds for a variety of tokens in the past two months, including Avalanche’s AVAX, MakerDAO (now Sky)’s MKR, Sui Blockchain’s SUI and Bittensor’s TAO. The company also received approval this year to convert its Bitcoin and Ethereum trust funds into spot exchange-traded funds (ETFs).
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