Grayscale Seeks XRP ETF Approval From SEC

An application to convert Grayscale's XRP Trust into an exchange-traded fund (ETF) has been submitted by NYSE Acra to the US Securities and Exchange Commission (SEC).

According to the 19b-4 filing submitted on Thursday, Coinbase Custody Trust will serve as the custodian for the fund and BNY Mellon Asset Servicing will act as the transfer agent.

This move is part of Grayscale's broader strategy to convert several of its investment vehicles into ETFs. Last month, Grayscale applied to convert its Solana Trust (GSOL) into an ETF underscoring the increasing institutional interest in Solana while Grayscale's conversion of its Solana Trust and mirroring the company’s successful transitions of its flagship Bitcoin and Ethereum trusts into ETFs in 2024.

Grayscale, NYSE Files With SEC to Convert Trust Into Solana ETF

Grayscale seeks to convert its Solana Trust into an ETF, joining the Solana ETF race as institutional interest in the blockchain surges

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Grayscale also filed to convert its Digital Large Cap Fund into an ETF in October, which manages over $520 million in assets, offering exposure to a basket of five cryptocurrencies, including Bitcoin, Ethereum, Solana, Ripple, and Avalanche, weighted at 75.58%, 17.83%, 4.16%, 1.76%, and 0.66% respectively.

Grayscale’s Multi-Crypto Fund Seeks ETF Conversion

While Bitcoin and Ethereum remain the dominant assets for asset managers due to the availability of exchange-traded funds (ETFs), the firm is ramping up efforts to expand its product offerings to include a multi-crypto ETF.

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Grayscale isn't the only firm chasing an XRP ETF either. In November, Bitwise filed an application with the SEC to create an exchange-traded fund (ETF) based on its 10 Crypto Index Fund, which features XRP.

Ripple also backed Bitwise's Physical XRP ETP (GXRP), previously called the European XRP ETP, which provides European investors with direct exposure to XRP.

"With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP," Ripple CEO Brad Garlinghouse said in a press release.

Bitwise Files For 10 Crypto Index ETFs, Gets Investment From Ripple For XRP ETF

Bitwise files for a crypto ETF with the SEC, tracking the top 10 cryptocurrencies by market cap, including Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Polkadot, and Uniswap

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WisdomTree also registered for an XRP ETF entity in Delaware on 25 November while Canary Capital proposed theirs in October.

WisdomTree Registers XRP ETF Entity, XRP Jumps 7%

WisdomTree registers “WisdomTree XRP Fund” in Delaware, joining Bitwise & Canary Capital in seeking SEC approval for XRP spot ETFs

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The push for crypto-based ETFs has gained significant momentum following Donald Trump's re-election. Last week, Trump signed an order in the Oval Office that aims to advance cryptocurrency in the US while exploring the development of a digital asset stockpile.

“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the executive order reads.

The executive order addresses the establishment of technology and regulatory frameworks for cryptocurrency development in the US, and the creation of a working group to assess the feasibility of a national digital asset stockpile.

Trump Breaks Crypto Silence, Signs Executive Order For National Digital Asset Stockpile

Trump signs executive order to advance U.S. crypto leadership, support blockchain users, promote dollar-backed stablecoins, and explore a digital asset stockpile

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