Grayscale XRP Trust Seeks Approval for ETF Trading
Grayscale took a significant step towards trading its XRP Trust as an exchange-traded fund (ETF) by filing a 19b-4 Form with the New York Stock Exchange (NYSE) on Jan. 30.
Introduction of XRP Trust
- The XRP Trust was introduced on Sept. 12 and currently holds $16 million, representing 1.2% of the total assets under management of XRP exchange-traded products (ETP).
- According to CoinShares, the trust has gained significant traction since its launch.
Speculation on XRP ETF Filing
The introduction of the XRP Trust sparked speculation within the crypto community about the possibility of an ETF filing for XRP.
Estimated Inflows for XRP ETPs
- JPMorgan estimated that XRP ETPs could attract between $4 billion and $8 billion based on the success of Bitcoin (BTC) and Ethereum (ETH) products.
Potential ETF Run for XRP
- Despite concerns about the lack of previous futures contracts for XRP, a leaked CME page hinted at the launch of XRP and Solana (SOL) futures on Feb. 10.
- Bloomberg ETF analysts predict a surge in crypto ETFs this year, including XRP funds, although regulatory hurdles remain.
Possible XRP ETF Approval
- President Donald Trump reportedly engaged in discussions with Ripple about potentially adding XRP, USD Coin (USDC), and SOL to the US national reserve.
- In addition to Grayscale’s XRP Trust, five other spot XRP ETFs await approval from regulatory authorities.