Grayscale Investments has filed Amendment No. 2 to its registration statement for the Grayscale XRP Trust, marking another step toward launching a spot XRP exchange-traded fund (ETF) in the United States. 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.
Updated Filing and ETF Details
According to the submission, the trust aims to offer investors exposure to XRP through shares that track the digital asset’s market price. The trust is organized under Delaware law and plans to list on NYSE Arca under the ticker GXRP, pending regulatory approval.
The filing clarifies that the product will operate as a passive investment vehicle, meaning it will not seek to outperform XRP’s market performance. Instead, its goal is for each share’s value to reflect the underlying XRP held by the trust, minus expenses and liabilities.
The fund will issue shares in blocks of 10,000, referred to 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 administrator and transfer agent.
XRP’s Market Position
As of October 30, 2025, XRP ranked as the fifth-largest cryptocurrency by market capitalization, valued at approximately $170 billion. The asset has shown 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.
The filing shows that XRP’s primary function remains transactional utility within the XRP Ledger, which enables fast, low-cost transfers. Unlike Bitcoin, XRP was pre-mined at launch, with 100 billion tokens created. Around 59.8 billion are currently in circulation.
Part of a Broader Institutional Push
The amendment comes amid growing institutional interest in altcoin-based ETFs, following the recent approval of Solana, Litecoin, and Hedera products. Market analysts view Grayscale’s latest update as a sign that discussions between the firm and regulators may be progressing toward 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 end of the year.
