XRP Trust by Grayscale Eyes NYSE Arca for Crypto Stock Debut
Published Date: 2/20/2025
Notice
Summary
NYSE Arca wants to start trading shares of the Grayscale XRP Trust, which is tied to the cryptocurrency XRP. This means investors can buy and sell these shares on the exchange soon, making it easier to invest in XRP without owning the actual coins. The change is under review now, so keep an eye out for when it officially launches and impacts your wallet!
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Custody and Private‑Key Loss Risk
The Trust's XRP are held by Coinbase Custody and private keys are generated, encrypted, split into geographically distributed "shards" and kept in cold storage. If a private key is lost or compromised, the document states XRP can be irretrievably lost, and the filing also describes attacks (e.g., a 51% attack or denial-of-service) that could materially affect XRP's price and the value of the Shares.
XRP ETP Shares Coming to NYSE Arca
On January 30, 2025 NYSE Arca filed to list and trade shares of the Grayscale XRP Trust under NYSE Arca Rule 8.201-E, and Amendment No. 1 was filed February 10, 2025. If approved, you will be able to buy and sell Shares of the Trust on a national securities exchange to get exposure to XRP without owning XRP coins directly.
Sponsor Fee Paid in XRP Reduces Holdings
The Trust charges a Sponsor's Fee that currently accrues daily at an annual rate of 2.5% payable in XRP, and that fee will be lowered when the Trust becomes an ETP. Because the Sponsor's Fee is paid in XRP, the number of XRP represented by each Share will gradually decrease over time as XRP are used to pay expenses.
Index Provider Can Change Pricing Method
The Trust uses the CoinDesk XRP Price Index (Index Price) to value XRP and calculate NAV, and the Index Provider may change the Index methodology or the Constituent Trading Platforms (including quarterly reviews) at its discretion. Those changes (including adding or removing trading venues) can alter the Index Price used to value the Trust and thus affect the NAV per Share.
Redemptions Depend on Regulatory Approval
The filing states that transferring XRP out of the Trust in exchange for Baskets surrendered for redemption is subject to obtaining regulatory approval from the Commission and approval of the Sponsor. Until such regulatory approval and Sponsor authorization are obtained, Authorized Participants may not be able to redeem Shares for XRP.
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