$XRP NYSE Arca Moves Forward on Converting Grayscale XRP Trust into a Spot ETF

NYSE Arca, a subsidiary of the New York Stock Exchange, has taken a key step toward transforming the Grayscale XRP Trust into a spot exchange-traded fund (ETF). To do so, it filed a 19b-4 application, marking the formal start of the conversion process.

According to the filing, Coinbase Custody Trust Company, LLC will serve as the custodian for the fund, while BNY Mellon Asset Servicing will serve as the trustee and transfer agent.

The Grayscale XRP Trust is one of the largest XRP investment funds globally, with assets under management valued at approximately $16.1 billion. Its holdings are currently held by U.S. investors seeking exposure to XRP without needing to directly purchase the cryptocurrency.