Grayscale Investments has formally filed with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale XRP ($3.13) Trust into an exchange-traded fund (ETF) on NYSE Arca.
According to the filing, the Grayscale XRP Trust currently manages approximately $16.1 million in assets and operates as a Delaware statutory trust. The asset manager argues that converting the trust into an ETF would provide investors with greater access to XRP while benefiting from the regulatory oversight of a national securities exchange.
The trust is designed to mirror the market price of XRP minus fees, with assets securely held by the Coinbase Custody Trust Company.
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Grayscale’s filing follows recent filings for Solana and Litecoin ETFs, furthering the firm’s strategic expansion into cryptocurrency-based ETFs. The push for an XRP ETF is part of a broader wave of interest, with asset managers including CoinShares and Bitwise also filing similar proposals with the SEC.
“Look for possibly more filing activity from issuers with XRP ETF filings next week,” FOX ($0.05) Business correspondent Eleanor Terrett wrote.
*This is not investment advice.
Continue Reading: Step by Step to XRP Spot ETF: New Move from Grayscale
