- Grayscale pursues Litecoin and Solana ETFs alongside XRP proposal, awaiting SEC decisions on multiple crypto funds.
- Grayscale’s Bitcoin Mining ETF (MNRS) debuts, tracking mining firms via Indxx index, offering indirect BTC exposure.
NYSE Arca has filed a Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list Grayscale’s XRP Trust as a spot exchange-traded fund (ETF). This formalizes Grayscale’s plan to convert its private XRP Trust, launched in September 2024 for accredited investors, into a publicly traded product. The trust currently holds approximately $16.1 million in XRP tokens linked to Ripple’s XRP Ledger.
The filing follows standard regulatory procedures for listing new financial instruments. If approved, the ETF would allow U.S. investors to gain exposure to XRP without directly holding the cryptocurrency.
This approach mirrors Grayscale’s strategy with its Bitcoin and Ethereum trusts, which transitioned from private products to ETFs after prolonged regulatory reviews. The company has pending applications for similar funds tied to Litecoin, Solana, and other crypto assets.
On the same day as the XRP filing, Grayscale debuted its Bitcoin Mining ETF (MNRS) on U.S. markets. This fund tracks the Indxx Bitcoin Miners Index, offering indirect exposure to publicly traded Bitcoin mining firms. MNRS provides an alternative for investors hesitant to purchase individual mining stocks.
Grayscale’s existing crypto ETFs, including its flagship Bitcoin Trust, have faced mixed performance. While the Bitcoin and Ethereum funds rank among the highest in trading volumes, they have also experienced consistent outflows. By contrast, newer offerings like MNRS and the proposed XRP ETF aim to diversify the firm’s portfolio amid fluctuating investor sentiment.
In the past, we have reported on ETHNews, about the possibility of an XRP ETF, so the SEC’s decision on the XRP ETF remains pending, with a review timeline spanning several months. Regulatory outcomes for crypto-based funds remain uncertain, as the agency continues scrutinizing digital asset classifications.
However, skepticism persists due to the SEC’s historically cautious approach. Grayscale’s filings coincide with rival firms exploring similar products, suggesting intensified competition for crypto ETF market share.
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