In what is a massive development for the cryptocurrency market, Grayscale has officially filed for a Spot XRP ETF with the New York Stock Exchange (NYSE). Indeed, a recent filing with the US Securities and Exchange Commission (SEC) revealed the latest filing to bring the crypto investment vehicle to market.
Grayscale joined five asset managers, including Bitwise and WisdomTree, as prospective issuers of the exchange-traded fund. Moreover, the firm is also seeking to issue a Spot Solana ETF in what would be a game changer for the industry that has enjoyed a massive shift in policy within the United States.
JUST IN: Grayscale files for Spot $XRP ETF with the NYSE.
— Watcher.Guru (@WatcherGuru) January 30, 2025
Also Read: Ripple President Says Spot XRP ETF is ‘Next in Line’
Grayscale Files for XRP ETF as Altcoin’s Look to Join Bitcoin and Ethereum
It is incredible to fathom how fast things have changed for the digital asset sector in the United States. Just last year, Ripple was engaged in a years-long legal battle with the SEC. Indeed, it was fighting an administration that sought to regulate the industry through enforcement and challenged XRP’s status at every turn.
Now, things have greatly changed. With the arrival of pro-crypto President Donald Trump, the SEC has turned around. Mark Uyeda has taken over as the agency’s chairman, with Gary Gensler resigning this month. Subsequently, Grayscale has officially filed for a Spot XRP ETF with the NYSE.
Also Read: Ripple Up 2% on ETF News: How High Can XRP Go in January?
The firm already has an XRP Trust that has been thriving throughout this year so far. At the start of January, the trust jumped 300%, according to Nasdaq, on speculation of a potential XRP ETF over the next 12 months. In 2024, the United States approved just two crypto-based ETFs for both Bitcoin and Ethereum.
Those had paid off, with the former being called the greatest ETF launch in history. There are high hopes for a slew of altcoins that could be the subject of similar investment vehicles. Alternatively, Grayscale had filed for a Solana ETF late last year and launched a Bitcoin Miners ETF Thursday.