Grayscale Seeks XRP ETF Approval as Trump-Era Regulators Warm to Crypto
Grayscale is pursuing SEC approval to convert its XRP Trust into a spot ETF, with NYSE Arca making the application. This move follows Grayscale's successful transformations of its Bitcoin Trust and Ethereum Trust into ETFs in 2024. The application includes Coinbase Custody Trust Company as custodian and BNY Mellon as the transfer agent. Grayscale’s XRP Trust currently has approximately $16.1 million in assets, providing investors with XRP exposure without owning the asset directly. The interest in XRP has surged, with its price increasing by over 525% year-on-year, nearing its all-time high of $3.40. This trend is attributed to greater investor interest in digital assets, heightened by recent ETF launches from major firms, and the potential for more crypto-friendly regulations under the Biden administration. Several issuers have also filed for XRP ETFs, responding to a growing market demand. Grayscale's filing represents a significant shift in the landscape for crypto investment products, especially following Donald Trump's commitment to bolster U.S. cryptocurrency regulations.
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