A subsidiary of the New York Stock Exchange wants to convert Grayscale’s XRP Trust into a spot exchange-traded fund (ETF).
The ETF and securities exchange NYSE Arca filed with the U.S. Securities and Exchange Commission (SEC) to propose the rule change.
[adinserter block="1"]Grayscale, a crypto asset manager, believes converting the trust into an ETF “would provide other investors with a way to invest in XRP on a regulated national securities exchange,” according to NYSE Arca’s filing.
The XRP trust has nearly $16.2 million worth of assets under management (AUM) at time of writing.
Grayscale isn’t the first firm to make a bid for an XRP ETF: Bitwise Asset Management, the largest digital asset index fund manager in the US, filed an initial registration statement for the product in October, and the crypto ETF provider 21Shares followed suit in November.
The SEC greenlit the first spot market Bitcoin (BTC) ETFs last January, bringing in billions of dollars worth of inflows to the top digital asset by market cap.
The regulator subsequently approved Ethereum (ETH) ETFs for trading in July, and multiple firms, including 21Shares, applied for Solana (SOL) exchange-traded products over the summer. Grayscale filed in December to convert its Solana Trust into a spot ETF.
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