Grayscale Files New Amendment for XRP ETF Ahead of SEC Decision

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Grayscale Investments has taken a significant step towards launching a spot XRP exchange-traded fund (ETF) in the United States by filing Amendment No. 2 to its registration statement for the Grayscale XRP Trust. The updated filing, submitted to the U.S. Securities and Exchange Commission (SEC) on November 3, 2025, provides new details about the fund’s structure, management, and operational plans.

According to the submission, the trust’s goal is to offer investors exposure to XRP through shares that track the digital asset’s market price. Organized under Delaware law, the trust plans to list on NYSE Arca under the ticker GXRP, pending regulatory approval. The product will operate as a passive investment vehicle, with each share’s value reflecting the underlying XRP held by the trust, minus expenses and liabilities.

The fund will issue shares in blocks of 10,000, known as “Baskets,” which authorized participants can create or redeem in exchange for XRP or cash. Coinbase Custody will serve as the custodian, while The Bank of New York Mellon will act as the administrator and transfer agent.

As of October 30, 2025, XRP ranked as the fifth-largest cryptocurrency by market capitalization, valued at approximately $170 billion. The asset has displayed significant price volatility over the past year, trading between $0.50 and $3.55, with an average price of $2.25. The 24-hour trading volume as of September 30, 2025, stood at roughly $2.9 billion. XRP’s primary function remains transactional utility within the XRP Ledger, enabling fast, low-cost transfers. Unlike Bitcoin, XRP was pre-mined at launch, with 100 billion tokens created, and around 59.8 billion currently in circulation.

Grayscale’s amendment comes amidst increasing institutional interest in altcoin-based ETFs, following the recent approval of Solana, Litecoin, and Hedera products. Market analysts view this update as a positive sign that discussions between the firm and regulators are progressing towards a final decision. The SEC’s review of the XRP ETF is expected to continue into late 2025, with a final determination anticipated before the year’s end.

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