The NYSE Arca moved Thursday to convert Grayscale's $XRP Trust into an $XRP ETF, effectively adding the crypto-focused asset manager into the list of institutions seeking to offer regulated exposure to the XRP Ledger's native cryptocurrency.

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NYSE Arca, a subsidiary of the New York Stock Exchange, took a significant step toward converting Grayscale's XRP Trust into a spot exchange-traded fund (ETF). The move was initiated through the submission of a 19b-4 filing, indicating a formal proposal for the conversion process.

NYSE Arca, a New York Stock Exchange subsidiary, filed the paperwork to transform Grayscale’s $16.1 million XRP Trust into a spot exchange-traded fund (ETF). According to the filing, Coinbase Custody Trust Company,

Grayscale has filed with the SEC to list an XRP ETF on the NYSE Arca, following last week’s Solana and Litecoin ETF filings.

Grayscale Investments has submitted a proposal to convert its XRP (CRYPTO: XRP) Trust into an exchange-traded fund at the New York Stock Exchange. The move comes as part of a broader effort by asset managers to introduce regulated investment vehicles

New York Stock Exchange (NYSE) Arca has submitted a 19b-4 filing seeking to convert Grayscale’s XRP Trust into a spot ETF, with the trust fund’s AUM at approximately $16.1 million.