🚀 NYSE Arca Moves Forward on Converting Grayscale $XRP Trust into ETF

NYSE Arca, a subsidiary of the New York Stock Exchange, has taken an important step toward converting the Grayscale XRP Trust into a spot ETF. This move could boost institutional adoption of XRP by allowing traditional investors to gain exposure to the asset without having to purchase it directly.

📌 Proposal Highlights:

✅ Filing of 19b-4 filing, essential for converting the trust into an ETF.

✅ Coinbase Custody Trust Company, LLC will serve as custodian, while BNY Mellon Asset Servicing will serve as administrator.

✅ The Grayscale XRP Trust has approximately $16.1 million in assets under management.

✅ The decision is now in the hands of the SEC, which could pave the way for more crypto ETFs.

Following the approval of Bitcoin and Ethereum ETFs in recent months, the market is paying close attention to the possible expansion into other cryptos, such as XRP, Dogecoin, Litecoin and Solana. The SEC's stance on these new proposals will be crucial for the future of institutional investments in the sector.

💬 What do you think? Could the approval of this ETF impact the crypto market?

📖 Source: Investing.com