
NYSE Arca has submitted an application to the SEC to transform Grayscale's XRP Trust into an exchange-traded fund.
If approved, Coinbase Custody Trust Company, LLC will function as the custodian, while BNY Mellon Asset Servicing will operate as the fund's transfer agent, as stated in a 19b-4 filing submitted on Thursday.
Grayscale's XRP Trust is among the investment vehicles that the firm has converted or is in the process of converting due to rising demand for investments based on digital assets.
Grayscale Investments has revealed changes to its crypto-focused funds, highlighting emerging winners and losers. The asset manager has removed Avalanche from its Digital Large Cap Fund to accommodate a minor allocation of Cardano. This portfolio is predominantly composed of Bitcoin and Ethereum, which account for 90%, with the rest divided among XRP, Solana, and now Cardano.
Grayscale has requested SEC approval to transform its Digital Large Cap Fund, which includes Bitcoin, Ethereum, Solana, XRP, and Avalanche, into a diversified multi-crypto ETF.
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