TLDR
- Grayscale Investments has filed with the SEC to convert its $16 million XRP Trust into an ETF for listing on the NYSE, joining other firms like CoinShares and Bitwise in seeking XRP-based ETF approvals
- XRP Ledger’s DEX trading volumes surpassed $1 billion in January 2025, marking a record since its AMM launch in May
- JPMorgan estimates XRP ETPs could attract between $4-8 billion in investments, based on analysis of Bitcoin and Ethereum product patterns
- A leaked CME page suggested XRP futures might launch on February 10, 2025, though this was not officially confirmed
- President Trump is reportedly discussing adding XRP, USDC, and SOL to a potential national digital asset stockpile
Grayscale Investments, a major player in the cryptocurrency investment space, has submitted an application to the Securities and Exchange Commission (SEC) to convert its XRP Trust into an exchange-traded fund. The filing, made on January 30, 2025, seeks to list the proposed ETF on the New York Stock Exchange.
The current XRP Trust, which operates as a Delaware statutory trust, manages over $16 million in assets as of Friday. According to the filing, the proposed ETF would maintain XRP as its primary asset and track its performance on a price return basis, with adjustments for operational fees.
This move by Grayscale comes as part of a broader trend, with several other investment firms also pursuing XRP-based ETF products. Companies including CoinShares, Bitwise, Canary Capital, 21shares, WisdomTree, and Rex & Osprey have submitted similar applications, indicating growing institutional interest in structured XRP investment products.
JPMorgan has released estimates suggesting that XRP exchange-traded products could attract between $4 billion and $8 billion in investments. These projections are based on analysis of existing Bitcoin and Ethereum product patterns and their respective market capitalizations.
Trading activity in the XRP ecosystem has shown notable growth. The XRP Ledger’s decentralized exchange reached a milestone in January 2025, with swap volumes exceeding $1 billion for the first time since the launch of its automated market maker feature in May.
The trust’s current assets under management represent 1.2% of the total assets in XRP exchange-traded products, according to data from CoinShares. This relatively small market share suggests room for growth in the XRP investment product space.
Market observers have noted potential catalysts for XRP ETF development. A leaked page from the Chicago Mercantile Exchange (CME) indicated possible XRP futures launching on February 10, 2025, though the page was quickly removed and no official announcement has been made.
Bloomberg ETF analysts Eric Balchunas and James Seyffart have predicted an upcoming “wave of crypto ETFs” this year, including XRP funds. However, they note that approval timelines might be extended due to ongoing SEC lawsuits regarding XRP’s classification as a security.
Ripple Labs president Monica Long has expressed optimism about XRP ETF prospects under the current administration. Long suggested that such products could “soon be a reality” under President Trump, who has pledged to support U.S.-based crypto innovation.
Recent developments indicate potential government interest in XRP. Reports suggest that President Trump is in discussions with Ripple about including XRP, along with USD Coin and Solana, in a proposed national digital asset stockpile.
The Grayscale filing outlines a straightforward conversion process from the existing trust structure to an ETF format. This change would maintain the product’s core function of tracking XRP’s price performance while potentially offering improved accessibility for investors.
If approved, the ETF would provide investors with a regulated, exchange-traded vehicle for XRP exposure. This format typically offers benefits such as easier trading, better liquidity, and more transparent pricing compared to trust structures.
The current XRP Trust was introduced on September 12, prompting early speculation about a potential ETF conversion. This latest filing confirms those market expectations and adds to the growing number of XRP ETF proposals awaiting regulatory review.
As of January 31, 2025, six spot XRP ETF applications await SEC consideration. The regulatory body has not yet indicated a timeline for reviewing these proposals or making decisions on their approval.
The most recent trading data shows continued growth in XRP-related investment activity, with the token’s decentralized exchange volumes maintaining their upward trajectory through January 2025.
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