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Grayscale Updates XRP Trust Filing as Firm Moves Closer to a Spot XRP ETF

Grayscale Investments has taken another step toward launching a spot XRP exchange-traded fund, filing a new amendment with the US Securities and Exchange Commission that updates key operational details of its XRP Trust.

The latest filing, submitted through a Form 8-K, signals that the digital asset manager is continuing to refine the structure of the product as it works through the regulatory process. While approval is far from guaranteed, the amendment underscores Grayscale’s determination to expand its ETF lineup beyond Bitcoin and Ethereum as institutional demand for crypto exposure continues to grow.

The move follows Grayscale’s earlier S-1 registration filed in late 2025, which marked its formal attempt to convert the XRP Trust into a spot ETF. Together, the filings suggest a sustained push rather than a symbolic gesture, even as regulatory uncertainty surrounding altcoin ETFs persists.

Source: XPost

Updated Pricing Index and Market Integrity

One of the most notable changes in the amendment involves adjustments to the CoinDesk XRP Index used by the trust. According to the filing, the index methodology has been refined to draw pricing data from major cryptocurrency exchanges, including Bitstamp and Kraken.

These platforms are widely regarded for their deep liquidity and established compliance standards, making them attractive data sources for institutional products. By relying on exchanges with robust trading volumes, the trust aims to improve price accuracy and reduce the risk of market manipulation.

Market analysts say such changes are not merely technical. Pricing transparency and reliable benchmarks are critical components of any ETF application, particularly in the crypto sector, where regulators have repeatedly cited concerns about market integrity.

“This is exactly the kind of refinement regulators expect to see,” said a financial products analyst familiar with ETF filings. “It shows an effort to align crypto products with the standards used in traditional financial markets.”

Institutional Momentum Shapes the ETF Landscape

Grayscale’s filing comes at a time when institutional appetite for regulated crypto exposure appears stronger than ever. Spot Bitcoin ETFs, approved earlier, have attracted billions of dollars in inflows, reshaping how investors gain access to digital assets.

BlackRock’s spot Bitcoin ETF has surpassed $40 billion in assets under management, while Fidelity’s competing product continues to post steady inflows. These developments have emboldened asset managers to explore ETFs tied to other major cryptocurrencies.

As a result, attention is increasingly shifting toward altcoins with deep liquidity and established market presence. XRP, which consistently ranks among the top ten digital assets by market capitalization, fits that profile.

Why XRP Is Drawing ETF Interest

XRP has long been a focal point in discussions around institutional crypto adoption. Designed to facilitate fast and low-cost cross-border payments, the asset plays a central role in Ripple’s broader payments network.

From a market structure perspective, XRP offers several characteristics that make it appealing for an ETF. It trades on numerous global exchanges, maintains high daily trading volumes, and has a long operating history compared with many newer digital assets.

Supporters argue that these factors reduce some of the risks regulators associate with less liquid or highly fragmented markets.

“Liquidity matters,” said a digital asset strategist. “If regulators are going to approve another spot crypto ETF, it’s likely to be one of the most established assets.”

ETF Structure Appeals to Traditional Investors

Spot ETFs have become the preferred vehicle for many institutional investors seeking crypto exposure. Unlike direct ownership, ETFs eliminate the need to manage digital wallets, private keys, or self-custody arrangements.

For pension funds, wealth managers, and registered investment advisers, these features are critical. ETFs also integrate seamlessly into existing portfolios, trading platforms, and compliance frameworks.

If approved, a spot XRP ETF could open the door to billions of dollars in new capital, particularly from investors who are restricted from holding crypto directly.

Financial advisers note that even a modest allocation across large portfolios could have a meaningful impact on XRP demand.

Regulatory Overhang Remains

Despite the progress reflected in Grayscale’s filing, regulatory uncertainty continues to loom over XRP. The asset’s legal history with the SEC remains a key consideration in any approval decision.

A federal court previously ruled that XRP transactions on secondary markets did not constitute securities offerings, a decision widely viewed as a partial victory for Ripple and XRP holders. However, the ruling did not resolve all regulatory questions surrounding the asset.

As a result, legal analysts caution that the SEC may still proceed cautiously, potentially delaying approval or requesting further clarification.

“The court decision helped, but it didn’t close the book entirely,” said a securities law expert. “The SEC still has discretion, especially when it comes to approving new ETF products.”

Grayscale’s Persistence Signals Confidence

Even with these uncertainties, Grayscale’s continued filings suggest confidence that regulatory conditions are gradually shifting. The firm has a track record of converting trusts into ETFs once approval pathways open, as seen with its Bitcoin products.

Industry observers say the amendment indicates that Grayscale is addressing potential regulatory concerns proactively rather than waiting for formal feedback.

“This is how large asset managers operate,” said a former regulator. “They refine, update, and resubmit until the product meets the expected standards.”

Potential Market Impact of an XRP ETF

History suggests that ETF approvals can have a significant impact on underlying asset prices. Bitcoin experienced a surge in demand following the launch of spot ETFs, while Ethereum saw increased institutional participation after similar products were introduced.

Analysts believe XRP could follow a comparable trajectory, though outcomes are never guaranteed. Increased liquidity from ETF participation could help stabilize price movements over time, potentially reducing volatility.

Beyond price effects, ETF approval could enhance XRP’s credibility among institutions, reinforcing its role in cross-border payments and enterprise use cases.

Ripple’s Strategic Advantage

Ripple stands to benefit indirectly from greater institutional exposure to XRP. An approved ETF could strengthen confidence in the asset, encouraging broader adoption across financial institutions exploring blockchain-based payments.

Supporters argue that regulatory recognition through an ETF could serve as a validation signal, particularly for banks and payment providers that remain cautious about crypto involvement.

While Ripple is not directly responsible for the ETF filing, its ecosystem would likely gain from increased awareness and trust.

Looking Ahead

Grayscale’s amended filing marks another milestone in the gradual expansion of crypto ETFs beyond Bitcoin and Ethereum. Whether XRP ultimately receives approval will depend on regulatory interpretation, market conditions, and the SEC’s evolving stance on digital assets.

For now, the amendment signals that the race toward altcoin ETFs is accelerating, driven by institutional demand and competitive pressure among asset managers.

HokaNews will continue to monitor developments around XRP, Grayscale, and the broader crypto ETF landscape as regulators weigh the next phase of crypto’s integration into traditional finance.

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Writer @Ethan
Ethan Collins is a passionate crypto journalist and blockchain enthusiast, always on the hunt for the latest trends shaking up the digital finance world. With a knack for turning complex blockchain developments into engaging, easy-to-understand stories, he keeps readers ahead of the curve in the fast-paced crypto universe. Whether it’s Bitcoin, Ethereum, or emerging altcoins, Ethan dives deep into the markets to uncover insights, rumors, and opportunities that matter to crypto fans everywhere.

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