Grayscale has hinted that it will soon launch its XRP trust ETF (GXRP), joining Canary Capital as one of the first US fund managers to expand investor access to the asset through a regulated investment vehicle.

Grayscale XRP Trust is a private placement investment vehicle that provides accredited investors with exposure to XRP through a structured product, tracking a reference rate for the cryptocurrency. Recent filings indicate progress toward converting this trust into a spot exchange-traded fund, with amendments submitted to regulatory authorities to facilitate a potential public launch.

Grayscale has updated its registration statement for the XRP Trust to advance toward an ETF structure. The trust now tracks an updated reference rate provider for determining XRP’s value in its calculations.