Grayscale files application for Ripple ETF with the SEC

The New York Stock Exchange (NYSE) has filed a request with the SEC to convert Grayscales XRP Trust into an ETF. From the documents it appears that Coinbase will serve as custodian, while BNY Mellon is provided as transfer agent for the fund.

Grayscales XRP Trust is one of the crypto investment vehicles the company has converted or plans to convert to ETFs. This includes the Bitcoin and Ethereum ETFs approved last year. The NYSE application follows a series of crypto-ETF applications filed since Gary Gensler stepped down as head of the SEC. Asset managers such as Rex Shares, Canary Capital and 21 Shares have filed applications to launch XRP ETFs in recent months.

According to ETF analyst James Seyffart, more than 30 applications for crypto-ETFs are currently before the U.S. Securities and Exchange Commission. Right now, approval of a Litecoin ETF seems most likely. However, Solana, Hedera and Dogecoin could also be listed on Wall Street this year. Recently, established asset manager Bitwise filed an application for a Dogecoin ETF. In addition, according to documents on Jan. 30, the SEC approved a combined Bitcoin and Ethereum ETF from the asset manager.

Observers see in the authority's accelerated approach the first signs of a more positive attitude. "I really want to take this as a sign that the new SEC will be faster, but there's no way to know for sure," explained ETF analyst Eric Balchunas on X.