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A New Entrant Joins the XRP ETF Party

In the filing, Grayscale states its intention to list shares of the Grayscale XRP Trust on NYSE Arca. By converting this trust into an ETF, the company aims to give investors a more seamless pathway to gain exposure to XRP without navigating direct custody challenges. This mirrors similar initiatives from other major players—CoinShares, WisdomTree, and Bitwise recently floated their own XRP ETF proposals with the Securities and Exchange Commission (SEC).

Grayscale’s XRP Trust, which currently boasts around $16.1 million in assets under management, is structured as a Delaware statutory trust. Under the plan, Coinbase Custody Trust Company would continue to hold the underlying XRP. Grayscale argues that upgrading the trust to a full-blown exchange-traded product (ETP) broadens investor access, brings in national securities exchange rules, and potentially deepens liquidity for XRP.

19B-4 Filed to Convert Grayscale XRP Trust to a spot XRP ETF, Source: X

Grayscale’s pursuit of an XRP ETF is hot on the heels of recent filings for Solana and Litecoin ETFs, showcasing the asset manager’s strategy to diversify across various digital assets. This trend highlights the institutional appetite for a broader crypto lineup. If the SEC signs off, the ETF route could drastically simplify investing in XRP—particularly for those hesitant about buying or storing the token themselves.

At the moment, the XRP price is hovering at $3.138, showing little response to Grayscale’s filing. Despite being only 8% below its all-time high of $3.40, XRP still ranks as the third-largest cryptocurrency, with a market valuation close to $180 billion. That stability contrasts with the rest of the top 100 cryptos by market cap, many of which have shed double-digit percentages in recent months. DeepSeek, the AI model that rivals more established names such as OpenAI has predicted that Ripple’s native cryptocurrency XRP will print a new all-time price high of $30 before the end of this year. 

The XRP price is steady for now Source: XRP Liquid Index (XRPLX) via Brave New Coin

If the SEC ultimately grants Grayscale’s application, spot XRP ETF shares would be tradeable on the NYSE, offering a simpler alternative to direct XRP ownership. The company underscores that placing the trust under a national securities exchange’s umbrella could bolster investor protection and operational transparency. According to the filing, “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.”

Prior to this, on January 30, Grayscale rolled out the Grayscale Bitcoin Miners ETF (MNRS), which invests in publicly traded companies involved in Bitcoin mining. This new direction signals Grayscale’s broader push to introduce more crypto-centric financial products. Beyond XRP, the firm recently filed ETF plans involving Solana, indicative of a systematic effort to expand its offerings in the digital asset sphere.

Interestingly, the Grayscale XRP Trust itself first hit the market in September 2024, catering to accredited investors seeking XRP exposure without the hassles of direct acquisition and custody. Now, with the trust’s potential ETF upgrade on the horizon, Grayscale remains squarely at the forefront of crypto innovation—assuming the SEC gives the green light.

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