In a significant development for the cryptocurrency market, Grayscale has officially filed for a Spot XRP ETF with the New York Stock Exchange (NYSE). This move marks a major step forward for the industry, as Grayscale joins five other asset managers, including Bitwise and WisdomTree, in seeking to bring a crypto investment vehicle to market.
The filing, revealed in a recent submission to the US Securities and Exchange Commission (SEC), signals a shift in policy within the United States towards cryptocurrencies. Grayscale is also looking to issue a Spot Solana ETF, further expanding its offerings in the digital asset space.
The news of Grayscale’s filing for a Spot XRP ETF comes at a time when the cryptocurrency market is experiencing rapid growth and increasing mainstream acceptance. Ripple, the company behind XRP, has faced legal challenges in the past, but with the changing regulatory landscape and the arrival of pro-crypto President Donald Trump, the SEC has shifted its stance.
Mark Uyeda, the new chairman of the SEC, has taken over from Gary Gensler, who resigned earlier this month. This change in leadership has paved the way for Grayscale to move forward with its plans for a Spot XRP ETF, building on the success of its existing XRP Trust.
The XRP Trust has seen significant growth in recent months, with a 300% jump at the start of January fueled by speculation about a potential XRP ETF. In 2024, the United States approved ETFs for Bitcoin and Ethereum, which have been successful investments. With the launch of a Solana ETF and a Bitcoin Miners ETF, Grayscale is positioning itself as a key player in the cryptocurrency investment space.
Overall, the filing for a Spot XRP ETF with the NYSE represents a major milestone for Grayscale and the cryptocurrency market as a whole. As interest in digital assets continues to grow, investors are looking for new opportunities to diversify their portfolios and capitalize on the potential of cryptocurrencies.