Grayscale Files Proposal with SEC to Convert XRP Trust into ETF
Earlier in January, Ripple Labs CEO Monica Long said that an XRP exchange-traded fund could “soon become a reality” under the new Trump administration.
Grayscale Investments has filed an application with the Securities and Exchange Commission to convert the XRP Trust into an exchange-traded fund (ETF) for listing on the New York Stock Exchange.
The proposed ETF will continue to hold XRP as an underlying asset and track its performance based on price return.
Cryptocurrency fund giant Grayscale Investments has filed an application with the Securities and Exchange Commission (SEC) to convert its XRP Trust into an exchange-traded fund (ETF), which will be listed on the New York Stock Exchange (NYSE).
The current product operates as a Delaware-regulated trust, managing over $16 million worth of XRP as of Friday. The proposed fund will continue to hold XRP as its underlying asset and track its performance based on price return, with operating fees adjusted, providing investors with a direct link to XRP’s performance.
Alongside Grayscale, companies like CoinShares and Bitwise have also filed for XRP-based ETFs, indicating a growing institutional appetite for structured investment products in XRP.
Earlier in January, Ripple Labs CEO Monica Long said that an XRP exchange-traded fund could “soon become a reality” under the new Trump administration, which has promised to bring cryptocurrency innovation back to the United States and support domestic businesses.
Meanwhile, trading volumes on XRP native apps have been on the rise as it gains traction among investors. Volumes on the XRP Ledger decentralized exchange (DEX) crossed the $400 million mark in January, surpassing the $1 billion mark for the first time since the automated market maker feature was launched in May — a feat that some say has helped make 2024 a “huge” year for the token.
