Digital asset firm Grayscale has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on January 30, in collaboration with the New York Stock Exchange (NYSE), seeking approval to list and trade the Grayscale XRP Trust as an exchange-traded fund (ETF).
The move seeks to bring the asset to the broader traditional financial markets. The filing argues that converting the trust into a spot ETF would provide investors with a regulated, exchange-traded product (ETP), eliminating the complexities of directly holding or managing the cryptocurrency.
XRP ETF COMING
Grayscale files for an #XRP ETF on the NYSE!
THIS CAN SEND XRP WELL ABOVE ATH pic.twitter.com/rQulw8i1BI
— XRPDAILY (@XRPDAILY247) January 30, 2025
This follows the successful relaunch of the Grayscale XRP Trust in September 2024, which saw gains exceeding 300% in the last quarter. The trust currently manages $16.1 million in assets.
Grayscale Joins Other Firms in XRP Filing
The firm now joins CoinShares, WisdomTree, ProShares, REX Shares, and Bitwise, in submitting filings for an XRP ETF.
XRP had surged to $3.14 following the news, but has dropped to $3.09 at press time, a 0.88% decrease. The coin has seen gains of 38% in the last month, however, according to data from CoinMarketCap.
XRP Monthly Chart. Source: CoinMarketCap.
Approval from the SEC would be a landmark moment, opening the doors for institutional funds and traditional market participants to invest in the coin through a regulated financial product. FOX Business reporter Eleanor Terrett noted that this filing might trigger a wave of similar ETF applications from other firms in the coming weeks.
SCOOP: Keep an eye out for possibly more filing activity by issuers with $XRP ETF applications next week. https://t.co/nMl7JpsmrY
— Eleanor Terrett (@EleanorTerrett) January 30, 2025
SEC’s acting Chairman Mark T. Uyeda, announced the creation of a dedicated crypto task force for the agency, led by Commissioner Hester Peirce.
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