The New York Stock Exchange (NYSE) is making a move to bring XRP into the mainstream investment world. NYSE Arca, a NYSE subsidiary, has filed with the Securities and Exchange Commission (SEC) to convert Grayscale’s XRP Trust into a spot exchange-traded fund (ETF).
What’s the Deal with an XRP ETF?
Grayscale, a big name in crypto asset management, thinks turning the trust into an ETF would be a great way for more investors to get in on XRP through a regulated exchange. The XRP trust currently holds around $16.2 million in assets.
This isn’t the first attempt at an XRP ETF. Companies like Bitwise and 21Shares have already thrown their hats in the ring.
Following the Bitcoin and Ethereum ETF Trend
The SEC’s approval of Bitcoin and Ethereum ETFs last year and this year opened the floodgates for billions of dollars in investment. This success has spurred other companies to apply for ETFs based on other cryptocurrencies, including Solana. Grayscale even filed its own application to convert its Solana Trust into an ETF.
The Bottom Line
The NYSE’s move shows growing interest in bringing cryptocurrencies like XRP into the traditional financial markets. Whether the SEC approves remains to be seen, but it’s a significant step for XRP and the broader crypto space.
