The Signal from Steingraber
Late in the trading day, Chad Steingraber published a post on X revealing that Grayscale had filed an amended registration statement and proposed a new ticker symbol, GXRP, for its XRP vehicle.
His disclosure suggests that the firm is actively pushing to convert its private trust into a spot‑based ETF. Steingraber’s post has since been echoed by other crypto analysts and community outlets, spurring fresh attention on the regulatory documents now entering the public domain.
Though Steingraber’s post drew eyes, it did not provide full legal language or every amendment. As with all filings of this magnitude, investors and observers must confirm the changes directly from SEC filings and Grayscale’s own regulatory disclosures.
Grayscale XRP Trust will convert to public ETF!
Everything filed today at market close.
GXRP —> Spot https://t.co/tclHL8SEMApic.twitter.com/PWwpHbGEmw
— Chad Steingraber (@ChadSteingraber) October 10, 2025
Legal and Regulatory Journey to This Moment
Grayscale first entered the public spotlight with its efforts to bring Bitcoin and Ethereum exposure into regulated ETF wrappers. The firm now appears to be turning that same machinery toward XRP. In January 2025, Grayscale filed a registration statement (Form S‑1) to convert its XRP Trust into an ETF and sought a 19b‑4 application from NYSE Arca to list the shares.
That filing explicitly contemplates renaming the instrument “Grayscale XRP Trust ETF” and lists “GXRP” as the expected ticker, assuming regulatory approval. Yet, as of that registration, the NYSE Arca 19b‑4 application was not approved, and Grayscale acknowledged that the listing could be delayed or never occur.
In parallel, a broader wave of filings is reshaping the crypto‑ETF landscape. At least six asset managers—Bitwise, Canary Capital, CoinShares, Franklin Templeton, 21Shares, and WisdomTree—have submitted amendments or new registrations for spot XRP ETFs, signaling growing conviction that the SEC may soon green‑light XRP exposure within regulated funds.
Moreover, the broader context is shifting. The SEC recently adopted revised listing standards that could streamline approvals for crypto ETFs, potentially reducing the timeline from 270 days to as few as 75 days for qualifying products.
Grayscale’s success in converting its multi‑asset fund (GDLC) into a spot ETF approved under accelerated review adds confidence to its approach and may serve as a precedent.
How the Conversion Would Work
If Steingraber’s S‑1/A amendment is accurate, it likely outlines key details such as share creation/redemption, XRP custody, and potential investor fees or dilution. The trust would hold XRP directly, and shares would aim to closely track the value of those holdings (less expenses).
Under current proposals, creation units would be issued in standard baskets (e.g., 10,000 shares) via authorized participants depositing XRP into the trust. Redemptions might operate similarly. The S‑1 filing indicates the trust will rename itself on the effective date to reflect its new ETF status.
Importantly, while this structure aims to deliver “spot” exposure, many ETF risks remain, including slippage, custody security, regulatory changes, and differential treatment of digital assets under U.S. securities law.
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Potential Impact and Market Significance
If approved and listed, GXRP would let investors buy XRP through traditional brokerage accounts, retirement plans, and institutional channels, eliminating the need for crypto wallets or exchange accounts. That broader on‑ramp could materially increase institutional demand for XRP.
The credibility conferred by an SEC‑registered structure would also elevate XRP’s profile as a regulated asset. The timing is notable: regulatory clarity around XRP has improved recently after legal developments involving Ripple and the SEC.
Additionally, the approval of GXRP could accelerate approvals for other altcoin ETFs, creating a domino effect in the crypto investment landscape.
What Comes Next and What to Watch
First and foremost, confirmation of the S‑1/A amendment is key. Readers should review the filing on SEC EDGAR to verify effective dates, exhibits, and risk disclosures.
Then comes the SEC’s decision on the 19b‑4 listing application: whether Arca can list shares under Rule 8.201‑E (commodity‑based trust shares) or under newly adopted generic standards. Note that a prior listing change proposal for the Grayscale XRP Trust was withdrawn in September 2025.
The SEC timeline matters. Many XRP ETF applications—including Grayscale’s—are currently on clock deadlines set for October 2025, when the SEC must act or extend review. Delays have already been common in altcoin‑ETF approvals.
Market sensitivity will be high: filings, SEC commentary, exchange actions, and public comments may all move sentiment. Even approval will not guarantee smooth adoption—execution, liquidity, and competitive offerings will challenge early momentum.
Chad Steingraber’s post may have pulled back the curtain on what many insiders suspected, but the path from amended filing to fully tradable instrument is complex and fraught with regulatory, legal, and operational hurdles. Still, if Grayscale’s conversion effort succeeds, it may become a watershed moment for XRP’s institutional integration.