Grayscale files to convert its XRP into an ETF

3 weeks ago

Grayscale filed a 19b-4 Form with the New York Stock Exchange (NYSE) to commercialized its XRP Trust connected Jan. 30, which equates to converting the merchandise to an exchange-traded money (ETF).

The spot was introduced connected Sept. 12 and presently holds $16 million, equivalent to 1.2% of the full assets nether absorption of XRP exchange-traded products (ETP), arsenic CoinShares reported.

When the spot was introduced, the crypto assemblage started speculating connected a imaginable ETF filing.

Recently, JPMorgan estimated that XRP ETPs could pull betwixt $4 cardinal and $8 billion. The estimation utilized Bitcoin (BTC) and Ethereum (ETH) products and their respective marketplace caps arsenic base.

ETF run

One of the astir communal arguments against approving an XRP ETF is the deficiency of erstwhile futures contracts for these assets. However, a leaked CME page hinted astatine XRP and Solana (SOL) futures launching connected Feb. 10.

Despite the leak, CME did not merchandise an authoritative statement, and the leafage was rapidly taken down.

Nevertheless, Bloomberg ETF analysts Eric Balchunas and James Seyffart predicted a “wave of crypto ETFs” this year, including XRP funds. 

Yet, they said those mightiness instrumentality a while, fixed the US Securities and Exchange Commission (SEC) lawsuits claiming XRP is an unregistered security.

The chances of an XRP ETF support whitethorn increase, arsenic President Donald Trump is reportedly talking to Ripple astir adding XRP, USD Coin (USDC), and SOL to a imaginable integer plus stockpile for the country.

In summation to the Grayscale XRP Trust, 5 different spot XRP ETFs, filed by BitwiseCanary Capital21sharesWisdomTree, and Rex & Osprey, await approval.

The station Grayscale files to person its XRP into an ETF appeared archetypal connected CryptoSlate.

View source