Grayscale has filed with the US Securities and Exchange Commission (SEC) to convert its XRP Trust into an exchange-traded fund (ETF) to be listed on the New York Stock Exchange (Arca).
The fund is one of the largest investment vehicles linked to Ripple, managing more than $16 million in assets.
Grayscale is seeking to convert the fund into an ETF in order to provide investors with greater access to XRP without having to purchase the asset directly, which would ease the complexities involved.
The move is part of the company’s expansion, joining several other investment firms that have already filed similar applications for XRP ETFs, including CoinShares, Wisdom Tree, ProShares, and Bitwise.
The move also comes after Donald Trump’s victory in the presidential election, as his support for cryptocurrencies has led to increased activity among digital asset companies in this space.
Grayscale has also recently filed for ETFs for other assets such as Solana and Litecoin.
Meanwhile, a task force has been established within the Securities and Exchange Commission to develop a regulatory framework for the crypto industry, and while the agency has previously approved funds tracking Bitcoin and Ethereum, it still places restrictions on other cryptocurrencies.
