Grayscale Investments has officially submitted a proposal to the New York Stock Exchange (NYSE) to launch a spot XRP exchange-traded fund (ETF). This strategic move aims to transform Grayscale’s existing XRP Trust into an ETF, allowing for the trading of shares directly on the NYSE.
The filing highlights that the Grayscale XRP Trust is among the largest investment funds focused on XRP, boasting approximately $16.1 million in assets under management. This trust serves American investors looking for exposure to XRP without the complexities associated with direct cryptocurrency ownership.
In addition to this significant step, Grayscale also announced the introduction of the Grayscale Bitcoin Miners ETF earlier today, which will provide exposure to publicly traded companies involved in Bitcoin mining operations.
A spot XRP ETF would enable investors to gain direct access to fluctuations in XRP’s market price, simplifying their investment process. This filing is part of a broader trend where asset management firms are increasingly pursuing cryptocurrency-focused ETFs. Recently, Grayscale has also sought to establish ETFs tracking other digital assets like Solana, indicating an expansion of its cryptocurrency investment portfolio.
The establishment of the Grayscale XRP Trust last September marked a pivotal moment for accredited investors seeking regulated exposure to XRP. Given the ongoing legal developments surrounding Ripple Labs and its relationship with the U.S. Securities and Exchange Commission (SEC), this latest filing could be a crucial factor in shaping XRP’s future within regulated markets.
As interest in crypto investments continues to rise, Grayscale’s move reflects a growing confidence in digital assets and their potential for mainstream acceptance.
