Grayscale Files for Spot XRP ETF With NYSE, Expanding Offerings

Grayscale has officially filed with the New York Stock Exchange (NYSE) to launch a Spot XRP ETF. The firm submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC), seeking to convert its Grayscale XRP Trust into a regulated exchange-traded fund (ETF).

Grayscale Pushes for XRP ETF Approval

The latest regulatory filing of Grayscale will help to open up XRP and offer it as an investment avenue for institutional investors. Among them, the XRP Trust with $ 16 million in assets was formed after the final verdict of Judge Analisa Torres in the Ripple vs. SEC trial.

The Spot XRP ETF will eliminate the need for acquisition and storage of the asset for those who would like to invest in XRP. Market analysts forecast that this could boost the circulation and adoption rate of XRP.

Growing Interest in Crypto ETFs

As such, Grayscale’s desire to get an XRP ETF comes at a time when several other fund managers are vying for the same. Consequently, this filing places Grayscale as the seventh asset manager with an application on the list of firms that seeks to launch an XRP ETF.

In regards to altcoin ETFs, the SEC has been quite flexible especially after giving green light on Bitcoin and Ethereum ETFs in 2024. This could further diversify the cryptocurrency investment market and also attract more institutional investors who would bring in more institutional investment in the form of XRP, Litecoin, and Solana ETFs.

Besides XRP, Grayscale also works to launch an LTC ETF, the company has sent a 19b-4 form to the SEC to convert Grayscale Litecoin Trust (GLTC) into an ETF. This comes after Grayscale sought to convert its Solana Trust (GSOL) to an ETF, which points to the overall plan by the firm to offer regulated crypto products.

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Looking Ahead for Grayscale’s ETF Filings

These recent ETF applications are in line with rising tendencies of more companies to seek for the approval of the SEC to offer ETFs linked to cryptocurrencies. As the administration of the United States has recently demonstrated a certain tolerance of cryptocurrencies, many experts are already observing how the SEC will approach these statements.

If approved, Grayscale’s XRP and Litecoin ETFs could provide regulated exposure to altcoins, increasing mainstream adoption and liquidity. The next few weeks will be critical in defining whether the SEC will gradually increase approvals or stick to the slow approach to regard new cryptocurrency investment products.