Grayscale Investments has made another notable step toward launching the much-anticipated spot XRP exchange-traded fund (ETF) in the United States. On November 3, 2025, the firm submitted Amendment No. 2 to its registration statement to the U.S. Securities and Exchange Commission (SEC), detailing the fund’s structure, management, and operational plans.
What is Grayscale XRP Trust?
Grayscale XRP Trust is designed to give investors exposure to XRP, one of the largest cryptocurrencies by market capitalization. The fund aims to mirror XRP’s market performance by offering shares that track the digital asset’s price. Organized under Delaware law, the trust will operate as a passive investment vehicle, with shares expected to list on NYSE Arca under the ticker GXRP, pending regulatory approval.
Unlike active funds, Grayscale XRP Trust will not actively outperform the XRP market. Instead, its goal is for each share’s value to reflect the underlying XRP held by the trust, minus operational expenses and liabilities. The shares will be issued in blocks of 10,000 units, referred to as “Baskets,” which authorized participants can create or redeem using XRP or cash.
Custodians and Financial Partners
For added security and credibility, Coinbase Custody has been selected as the fund’s custodian, while The Bank of New York Mellon will serve as the administrator and transfer agent. These partnerships ensure robust management of digital assets, which is key to attracting institutional and retail investors alike.
The Current State of XRP
As of October 30, 2025, XRP ranks as the fifth-largest cryptocurrency, with a market capitalization of approximately $170 billion. Over the past year, XRP has experienced significant price fluctuations, ranging between $0.50 and $3.55, with an average price of $2.25. Daily trading volumes remain robust, standing at $2.9 billion as of September 30, 2025.
XRP’s primary function lies in its transactional utility within the XRP Ledger, enabling fast and low-cost cross-border transfers. This differentiates it from cryptocurrencies like Bitcoin, as XRP was pre-mined during its launch, with a fixed supply of 100 billion tokens. Approximately 59.8 billion tokens are currently in circulation.
Institutional Interest in Altcoin-Based ETFs
Recent trends show growing institutional interest in cryptocurrency-based ETFs. The approval of altcoin ETFs, including Solana, Litecoin, and Hedera, has paved the way for coins like XRP. Grayscale’s updated filing underscores the firm’s ongoing discussions with regulators, bringing hope that the SEC’s decision will lean favorably toward approval by the end of 2025.
For investors, this could mark a significant milestone, providing a new and regulated avenue to gain exposure to XRP without directly purchasing the cryptocurrency. If approved, GXRP could potentially strengthen mainstream adoption of XRP and other digital assets.
How to Invest in Cryptocurrency ETFs
Curious about diving into cryptocurrency ETFs but don’t know where to start? Begin by exploring trading platforms such as Coinbase. They offer user-friendly services to help beginners and experienced investors alike manage cryptocurrency holdings efficiently. Additionally, check out Grayscale’s list of existing investment vehicles to diversify your portfolio smartly while managing risks.
