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Grayscale's XRP ETF Filing: NYSE Arca & Rising Demand

Grayscale's XRP ETF Filing: NYSE Arca & Rising Demand

ETF News

Grayscale Investments has filed an application with the Securities and Exchange Commission (SEC) to convert its Grayscale XRP Trust into an exchange-traded fund (ETF) on the NYSE Arca. This follows other recent XRP ETF applications from firms like CoinShares and Bitwise, signaling a surge in institutional demand for XRP investment products.

Key Highlights

  • Grayscale aims to list an XRP ETF on the NYSE Arca.
  • This follows multiple XRP ETF applications, reflecting increased institutional interest.
  • The Grayscale XRP Trust currently holds approximately $16.1 million in assets.
  • If approved, the ETF would offer regulated XRP exposure without the need for direct ownership.

Grayscale's filing highlights their belief that converting the XRP Trust into an ETP will enhance accessibility for investors while maintaining the regulatory oversight of a national securities exchange. The trust mirrors XRP's market price (minus fees), with assets securely held by Coinbase Custody Trust Company.

Increased Institutional Interest in XRP

This move comes on the heels of Grayscale's recent ETF applications for Solana and Litecoin, suggesting a broader strategic initiative. The confluence of multiple XRP ETF applications, including those from CoinShares and Bitwise, underscores a significant shift in the institutional landscape, with a clear appetite for regulated XRP exposure.

At the time of writing, XRP is trading relatively flat at $3.12. This lack of immediate market reaction might indicate that investors are awaiting the SEC's decision. The resilience of XRP's price, only 8% down from its all-time high of $3.40, is particularly notable given the recent double-digit losses experienced by many other top crypto assets.

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