Grayscale files to convert its XRP into an ETF


Grayscale filed a 19b-4 Form with the New York Stock Exchange (NYSE) to trade its XRP Trust on Jan. 30, which equates to converting the product to an exchange-traded fund (ETF).

The trust was introduced on Sept. 12 and currently holds $16 million, equivalent to 1.2% of the total assets under management of XRP exchange-traded products (ETP), as CoinShares reported.

When the trust was introduced, the crypto community started speculating on a potential ETF filing.

Recently, JPMorgan estimated that XRP ETPs could attract between $4 billion and $8 billion. The estimate used Bitcoin (BTC) and Ethereum (ETH) products and their respective market caps as base.

ETF run

One of the most common arguments against approving an XRP ETF is the lack of previous futures contracts for these assets. However, a leaked CME page hinted at XRP and Solana (SOL) futures launching on Feb. 10.

Despite the leak, CME did not release an official statement, and the page was quickly taken down.

Nevertheless, Bloomberg ETF analysts Eric Balchunas and James Seyffart predicted a “wave of crypto ETFs” this year, including XRP funds. 

Yet, they said those might take a while, given the US Securities and Exchange Commission (SEC) lawsuits claiming XRP is an unregistered security.

The chances of an XRP ETF approval may increase, as President Donald Trump is reportedly talking to Ripple about adding XRP, USD Coin (USDC), and SOL to a potential digital asset stockpile for the country.

In addition to the Grayscale XRP Trust, five other spot XRP ETFs, filed by Bitwise, Canary Capital, 21shares, WisdomTree, and Rex & Osprey, await approval.

Mentioned in this article
Blocscale
  • Umair

    Muhammad Umair is a passionate content creator, web developer, and tech enthusiast. With years of experience in developing dynamic websites and curating engaging content, he specializes in delivering accurate, informative, and up-to-date articles across diverse topics. From gaming and technology to crypto and world news, Umair's expertise ensures a seamless blend of technical knowledge and captivating storytelling. When he's not writing or coding, he enjoys gaming and exploring the latest trends in the tech world.

    Related Posts

    Meme coin giant Pump.fun faces second lawsuit

    Legal trouble is catching up to Pump.fun. With two lawsuits in motion and fraud allegations flying, is this meme coin casino finally running out of luck? Pump.fun, a platform notorious…

    Nelk Boys ‘failed to deliver’ on NFT project promises, class suit claims

    The Nelk Boys are accused of being “snake-oil salesmen” in a lawsuit that claims their Metacard NFT project “failed to deliver” to buyers.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Stock Market Updates: Sensex Opens 129 Points Higher, Nifty At 23,296; Broader Markets Rise

    • By Umair
    • January 31, 2025
    • 3 views
    Stock Market Updates: Sensex Opens 129 Points Higher, Nifty At 23,296; Broader Markets Rise

    Meme coin giant Pump.fun faces second lawsuit

    • By Umair
    • January 31, 2025
    • 1 views
    Meme coin giant Pump.fun faces second lawsuit

    Nelk Boys ‘failed to deliver’ on NFT project promises, class suit claims

    • By Umair
    • January 31, 2025
    • 2 views

    FTX Founder’s Parents Push for Pardon After Trump’s Ross Ulbricht Decision

    • By Umair
    • January 31, 2025
    • 1 views
    FTX Founder’s Parents Push for Pardon After Trump’s Ross Ulbricht Decision

    North Korean Troops in Russia Taken off Front Lines

    • By Umair
    • January 31, 2025
    • 2 views
    North Korean Troops in Russia Taken off Front Lines

    Bitwise’s Bitcoin and Ethereum ETF clears first SEC hurdle

    • By Umair
    • January 31, 2025
    • 1 views