Grayscale Submits SEC Application to Convert XRP Trust to ETF
Grayscale Investments has applied to the SEC to convert its XRP Trust into an ETF, aiming for listing on the New York Stock Exchange. Key details include:
- The current product manages over $16 million in XRP.
- The proposed ETF will hold XRP and track its price performance, adjusted for fees.
- Other firms like CoinShares and Bitwise are also seeking XRP-based ETFs, indicating increasing institutional interest.
- Ripple Labs' president suggested that an XRP ETF could soon be viable under the new administration.
- XRP trading volumes have surged, with a DEX swap volume exceeding $1 billion since its automated market maker feature launched in May.