Grayscale filed a 19b-4 Form with the New York Stock Exchange (NYSE) to trade its XRP Trust on Jan. 30, which equates to converting the product to an exchange-traded fund (ETF).
The trust was introduced on Sept. 12 and currently holds $16 million, equivalent to 1.2% of the total assets under management of XRP exchange-traded products (ETP), as CoinShares reported.
When the trust was introduced, the crypto community started speculating on a potential ETF filing.
Recently, JPMorgan estimated that XRP ETPs could attract between $4 billion and $8 billion. The estimate used Bitcoin (BTC) and Ethereum (ETH) products and their respective market caps as base.
ETF run
One of the most common arguments against approving an XRP ETF is the lack of previous futures contracts for these assets. However, a leaked CME page hinted at XRP and Solana (SOL) futures launching on Feb. 10.
Despite the leak, CME did not release an official statement, and the page was quickly 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 might take a while, given the US Securities and Exchange Commission (SEC) lawsuits claiming XRP is an unregistered security.
The chances of an XRP ETF approval may increase, as President Donald Trump is reportedly talking to Ripple about adding XRP, USD Coin (USDC), and SOL to a potential digital asset stockpile for the country.
In addition to the Grayscale XRP Trust, five other spot XRP ETFs, filed by Bitwise, Canary Capital, 21shares, WisdomTree, and Rex & Osprey, await approval.
The post Grayscale files to convert its XRP into an ETF appeared first on CryptoSlate.
Grayscale filed a 19b-4 Form with the New York Stock Exchange (NYSE) to trade its XRP Trust on Jan. 30, which equates to converting the product to an exchange-traded fund (ETF). The trust was introduced on Sept. 12 and currently holds $16 million, equivalent to 1.2% of the total assets under management of XRP exchange-traded
The post Grayscale files to convert its XRP into an ETF appeared first on CryptoSlate. Crypto, ETF, Featured, Regulation
This articles is written by : Nermeen Nabil Khear Abdelmalak
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