🚨Grayscale filed a request to convert Grayscale XRP Trust into an XRP-spot ETF.
The filing signaled growing confidence in regulatory approval. Bloomberg Intelligence ETF analyst James Seyffart shared the news, stating,
Grayscale joins Bitwise, Canary Funds, WisdomTree, and 21Shares, which have already submitted applications for XRP-spot ETFs.
Grayscale is a significant player in the crypto-spot ETF space. In August 2023, Grayscale successfully appealed the SEC decision to decline its request to convert Grayscale Bitcoin Trust into a BTC-spot ETF. The victory helped pave the way for a US Bitcoin (BTC)-spot ETF market, which has seen total net inflows of $39,862 million since launching on January 11, 2024.
The latest XRP-spot ETF filing reflects optimism that the SEC may withdraw its appeal in the Ripple case. On January 15, 2025, the SEC filed its appeal-related opening brief, challenging the Programmatic Sales of XRP ruling.
The approval of one or more XRP-spot ETFs could significantly boost XRP demand, potentially driving it to record highs. BTC surged from $46,716 on January 10, 2024, to its record high of $109,312 following the ETF approvals and Trump’s election win.
