Grayscale Investments has filed an application with the U.S. Securities and Exchange Commission (SEC) to convert its XRP Trust into a spot exchange-traded fund (ETF) for listing on the New York Stock Exchange (NYSE). The existing trust, which manages over $16 million in XRP, would continue to hold XRP as its primary asset and track its performance on a price return basis if approved. Coinbase Custody Trust Company, LLC will serve as the custodian, while BNY Mellon Asset Servicing will act as the transfer agent. This move is part of a broader trend among asset managers seeking to introduce cryptocurrency-focused ETFs, following Grayscale's successful conversions of its Bitcoin and Ethereum trusts into spot ETFs in 2024. The filing comes amid increasing institutional interest in structured crypto investment products, with firms like CoinShares and Bitwise also applying for XRP-based ETFs. XRP is currently trading at $3.13.