Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
NYSE Arca moves to convert Grayscale's XRP trust as firms push for SEC signoff

NYSE Arca moves to convert Grayscale's XRP trust as firms push for SEC signoff

The BlockThe Block2025/01/29 16:00
By:The Block

Quick Take NYSE Arca posted a 19b-4 filing to convert Grayscale’s XRP trust to a spot crypto ETF. Several firms are vying for a wide array of crypto ETFs, from ones tied to Dogecoin and President Donald Trump’s memecoin to others based on XRP, Litecoin and Solana.

NYSE Arca moves to convert Grayscale's XRP trust as firms push for SEC signoff image 0

A subsidiary of the New York Stock Exchange made its move on Thursday to convert Grayscale's XRP Trust to a spot exchange-traded fund.

NYSE Arca posted a 19b-4 filing to convert that trust and said Coinbase Custody Trust Company, LLC would be the custodian and the administrator and the transfer agency is expected to be BNY Mellon Asset Servicing. 

"The Trust is one of the world’s largest XRP ('XRP') investment funds by assets under management as of the date of this filing," according to the filing. "The Trust has approximately $16.1 million in assets under management, and its Shares are held by American investor accounts seeking exposure to XRP without the cost and complexity of purchasing the asset directly."

A 19b-4 filing, done by exchanges on behalf of issuers, is the second part of a two-step process for proposing a spot crypto ETF to the U.S. Securities and Exchange Commission.  Once acknowledged by the SEC, the filing will be published in the Federal Register, initiating the agency's approval process.

Several firms are vying for a wide array of crypto ETFs, from ones tied to  Dogecoin  and President Donald Trump's  memecoin to others based on XRP, Litecoin and Solana. Under a new administration, the SEC is expected to take a friendlier approach to crypto; presumably, firms are looking to see if other crypto ETFs could garner approval. 

The SEC previously approved the listing of Bitcoin ETFs in January 2024 and, later that year, Ethereum ETFs .


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!