Grayscale Investments has filed with the New York Stock Exchange to offer a spot XRP exchange-traded fund.
This filing aims to convert Grayscale’s existing XRP Trust into an ETF, allowing shares to be listed and traded on the NYSE.
“The Trust is one of the world’s largest XRP (“XRP”) investment funds by assets under management as of the date of this filing. The Trust has approximately $16.1 million in assets under management,5 and its Shares are held by American investor accounts seeking exposure to XRP without the cost and complexity of purchasing the asset directly,’ the filing read.
Earlier on Jan. 30, Grayscale also introduced the Grayscale Bitcoin Miners exchange-traded fund, a new fund providing exposure to publicly traded Bitcoin mining companies under the ticker MNRS.
Spot XRP ETF
An exchange-traded fund is an investment fund that holds assets such as stocks, commodities, or cryptocurrencies and trades on stock exchanges.
A spot XRP (XRP) ETF would provide investors with direct exposure to XRP’s market price movements without the need to hold the cryptocurrency directly.
Grayscale’s filing is part of a broader trend of asset managers seeking to introduce cryptocurrency-focused ETFs. Recently, Grayscale also filed for an ETFs tracking Solana, indicating a strategic move to expand its crypto investment offerings.
In September 2024, Grayscale launched the Grayscale XRP Trust, which provided accredited investors with exposure to XRP.
