NYSE Arca has filed an software with the SEC in search of to transform Grayscale’s XRP Belief into an exchange-traded fund.
If accepted, Coinbase Custody Belief Firm, LLC will function the custodian. On the identical time, BNY Mellon Asset Servicing will act because the fund’s switch agent, based on a 19b-4 submitting submitted Thursday.
Grayscale’s XRP Belief is considered one of a number of funding autos the agency has transformed or is within the technique of changing amid surging demand for digital asset-based funding choices.
The transfer follows the agency’s profitable conversion of its Bitcoin Belief right into a spot ETF on January 11, 2024, and its Ethereum Belief right into a spot ETF six months later.
Grayscale has additionally sought SEC approval to transform its Digital Giant Cap Fund—holding Bitcoin, Ethereum, Solana, and XRP—right into a diversified multi-crypto ETF.
In January 2025, the agency rebalanced the fund, growing Bitcoin and Ethereum’s share to 90% whereas changing Avalanche with Cardano.
Issuers are dashing to realize approval for brand new crypto-based ETFs after Donald Trump secured a second presidential time period in November. Alongside the marketing campaign path, Trump promised to shore up US rules whereas making the nation the crypto capital of the world.
Grayscale’s XRP Belief holds roughly $16.1 million in belongings beneath administration. Its shares are held by American investor accounts in search of publicity to XRP “with out the fee and complexity of buying the asset instantly,” based on the submitting.
Funding trusts are closed-end funds which have a set variety of shares, whereas ETFs are open-end funds that generate shares primarily based on investor demand.
As such, ETFs are sometimes extra appropriate funding autos to satisfy demand for an asset comparable to XRP, although that is dependent upon investor preferences and market circumstances.
In any case, investor demand for XRP has proved significantly sturdy in latest weeks, with the token practically breaking its all-time excessive of $3.40 earlier this month. XRP is buying and selling at $3.13, up greater than 525% up to now 12 months.
Investor curiosity in digital belongings has soared in latest months, fueled by the launch of the extensively in style spot Bitcoin and Ethereum ETFs within the U.S. from main monetary establishments, together with BlackRock and Constancy.
Asset managers comparable to Rex Shares, Canary Capital, and 21 Shares have utilized to launch XRP exchange-traded funds in latest months. On the identical time, issuers have refiled a batch of beforehand rejected Solana ETF functions earlier this month.
The filings kind a part of a broader crypto ETF growth beneath the crypto-friendly Trump administration, with issuers additionally making use of to launch funds monitoring the costs of Chainlink, Cardano, and Polkadot, in addition to newer meme cash comparable to Official Trump (TRUMP) and BONK.
Edited by Sebastian Sinclair
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