NYSE Arca, a subsidiary of the New York Stock Exchange, has officially submitted an application to convert Grayscale’s XRP Trust into a spot exchange-traded fund (ETF).
The 19b-4 filing initiates the approval process for an XRP-backed spot ETF, with Coinbase Custody designated as the custodian and BNY Mellon serving as the administrator.
According to the filing, Grayscale XRP Trust currently holds approximately $16.1 million in assets, offering U.S. investors exposure to XRP without the need for direct purchases. This move is seen as a significant step toward establishing XRP as a regulated investment vehicle.
The 19b-4 filing represents the second stage of a spot crypto ETF application and plays a crucial role in the regulatory process. If accepted by the U.S. Securities and Exchange Commission (SEC), the filing will be entered into the Federal Register, officially commencing the approval review. This move could mark the beginning of a new era for XRP, expanding its reach within the investment landscape.
