Grayscale has filed an application with the SEC to convert its XRP Trust into an exchange-traded fund on NYSE Arca, joining other asset managers seeking to launch XRP investment products.

According to the filing, the Grayscale XRP Trust currently manages approximately $16.1 million in assets and operates as a Delaware statutory trust​.

Grayscale argues that converting the trust into an exchange-traded product (ETP) would allow investors broader access to XRP while benefiting from the oversight of a national securities exchange.

The trust is structured to track XRP’s market price, minus fees, with assets held in custody by Coinbase Custody Trust Company​.

Grayscale’s filing for an XRP ETF comes just a week after the firm submitted applications for Solana and Litecoin ETFs

This filing is part of a larger wave of XRP ETF applications, with CoinShares and Bitwise also submitting proposals to the SEC.

XRP is trading flat at $3.12, showing no immediate reaction to the news.

The third-largest crypto asset by market cap, with a valuation just below $180 billion, has held extremely well since reaching its all-time high of $3.40—down only 8%.

This resilience stands in contrast to the rest of the top 100 crypto assets by market cap, many of which have suffered double-digit losses in recent months.

If approved, the ETF would provide investors regulated exposure to XRP without requiring direct ownership or self-custody of the digital asset.

The trust’s conversion to an exchange-traded product would allow broader market access while operating under national securities exchange oversight.