Grayscale, a US-based asset management company, has filed a 19-b form through the New York Stock Exchange to convert its XRP trust into a spot XRP ETF.
The filing aims to transition Grayscale’s existing XRP Trust into a spot XRP ETF. The fund already has $16.1 million in it and once trading on NYSE begins, more money is expected to pour in.
American users will be able leverage the trust and let their investment portfolio have an exposure to XRP.
With this XRP ETF filing, Grayscale is now the seventh asset manager to submit a proposal for such a fund. The Trust for the XRP ETF was created last year, when Judge Analisa Torres gave judgment in favor of Ripple in its case against the SEC.
The Trust’s performance in the year 2024 has been great, with investors looking at a 300% increase in share value.
The new XRP ETF will not engage in active management, meaning it will not undertake any activities aimed at profiting from or mitigating losses due to fluctuations in XRP’s market price.
Also Read: Is XRP Heading for a Crash or Rebound?
