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Grayscale Files SEC Proposal to Convert XRP Trust Into ETF
Earlier in January, Ripple Labs president Monica Long remarked an XRP ETF could “soon be a reality” under the new Trump administration.
Updated Jan 31, 2025, 10:06 a.m. Published Jan 31, 2025, 5:44 a.m.
What to know:
- Grayscale Investments has filed an application with the SEC to convert its XRP Trust into an ETF for listing on the New York Stock Exchange.
- The proposed ETF would continue to hold XRP as its primary asset and track its performance on a price return basis.
Crypto fund behemoth Grayscale Investments has filed an application with the Securities and Exchange Commission (SEC) to convert its XRP Trust into an exchange-traded fund (ETF), which will listed on the New York Stock Exchange (NYSE).
The existing product operates as a Delaware statutory trust, managing over $16 million XRP as of Friday. The proposed ETF would continue to hold XRP as its primary asset and track its performance on a price return basis, adjusted for operational fees, providing investors with a direct link to XRP's performance.
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Besides Grayscale, firms like CoinShares and Bitwise have also submitted applications for XRP-based ETFs, indicating a growing institutional appetite for structured investment products in XRP.
Earlier in January, Ripple Labs president Monica Long remarked an XRP ETF could “soon be a reality” under the new Trump administration, one that has promised to bring crypto innovation back to the U.S. and support locally-based businesses.
Meanwhile, trading volumes on XRP-native applications have been on the rise as it gains favor among investors. Swap volumes on XRP Ledger’s decentralized exchange (DEX) crossed the $400 million mark in January to cross the $1 billion mark for the first time since its automated market maker feature launched in May — a feat that some say contributed to making 2024 a “monumental” year for the token.
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
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