Grayscale Aims to Launch Spot XRP ETF on the NYSE

Grayscale Investments, which recently filed with the New York Stock Exchange (NYSE), is moving forward with its intentions to launch a spot XRP exchange-traded fund (ETF). By converting its current XRP Trust into an ETF, the company hopes to make it possible for fund shares to be traded on the open market. By taking this additional action, Grayscale is indicating that it intends to broaden its cryptocurrency services and give investors another way to participate in the erratic digital asset market.

Expanding Crypto Investment Options

Currently, the Grayscale XRP Trust is one of the largest XRP investment funds globally, boasting approximately $16.1 million in assets under management. According to the filing, the Trust has become a popular choice for American investors looking to gain exposure to XRP without the complexity and cost of directly purchasing the cryptocurrency. This move to transform the trust into an ETF comes as part of Grayscale’s broader strategy to enhance its crypto-related offerings. “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 company noted in its filing.

The proposed spot XRP ETF would offer a direct link to XRP’s market price movements. This would provide a more streamlined way for investors to gain exposure to the cryptocurrency, bypassing the need to handle the digital asset itself. It also aligns with the growing trend of asset managers launching cryptocurrency-focused ETFs to meet increasing demand.

Grayscale is seeking other cryptocurrency-related ETFs in addition to its application. The Grayscale Bitcoin Miners ETF (ticker: MNRS), which provides exposure to publicly traded Bitcoin mining companies, was created by the company just a few days prior on January 30, 2025. The spot XRP ETF is another move in Grayscale’s expansion strategy, which is aimed at making it a key player in the crypto ETF market.

This comes after Grayscale launched the Grayscale XRP Trust, which was intended for authorized investors, in September 2024. Grayscale is demonstrating its dedication to providing more accessible options for investors in digital assets by submitting an application for a spot XRP ETF, further expanding its product line.