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NYSE Arca looks to convert Grayscale XRP Trust into an ETF
Editor Ahmed Abdulazez Abdulkadir
Published 31/01/2025, 19/22
NYSE Arca looks to turn Grayscale XRP Trust into an ETF
XRP/USD
-0,05%
NYSE Arca, a subsidiary of the New York Stock Exchange, has taken a significant step toward converting Grayscale’s XRP Trust into an exchange-traded fund (ETF). The move began with a 19b-4 filing, which shows a formal proposal for the conversion process.
According to the filing, Coinbase Custody Trust Company, LLC will act as custodian for the fund, with BNY Mellon Asset Servicing expected to act as administrator and transfer agent. The Grayscale XRP Trust is described as one of the world’s largest XRP investment funds by assets under management, with an estimated value of $16.1 million. Shares in the trust are currently held by American investors seeking exposure to XRP without purchasing the digital asset directly.
The 19b-4 filing is the second step of a two-part procedure required to file a spot crypto ETF with the U.S. Securities and Exchange Commission (SEC). Once the SEC receives the filing, it will be published in the Federal Register, which will then begin the agency’s review and approval process.
The digital asset market has seen growing interest from companies looking to launch crypto ETFs based on a variety of cryptocurrencies, including Dogecoin, Litecoin, and Solana, as well as those tied to cultural phenomena like President Donald Trump’s memecoin. With a new administration in power, the SEC is expected to adopt a more accommodating stance toward cryptocurrencies, potentially opening the door to the approval of a variety of crypto ETFs.
Earlier in January 2024, the SEC had given the green light for a Bitcoin ETF, followed by approval for an Ethereum ETF the same year. The current initiative by NYSE Arca to convert the XRP Trust into an ETF could signal a continuation of this trend, as the industry explores the integration of traditional financial mechanisms with the emerging digital asset space.
