April 24, 2024

XRP ETF May Be on Cards as Grayscale Sponsors XRP Price Display Together With Bitcoin

The XRP Army has discovered an advertisement from Grayscale showcasing XRP alongside Bitcoin and Ethereum prices.

Chad Steingraber, a notable member of the XRP community and a professional game designer, brought attention to this development in a recent tweet.

Steingraber shared a capture of CNBC’s televised “crypto watch” featuring the prices of three prominent cryptocurrencies. In particular, the exhibition showcased the market values of Bitcoin (BTC), Ethereum (ETH), and XRP

Meanwhile, the display was a sponsored spotlight by the world’s largest cryptocurrency asset manager, Grayscale. Grayscale’s choice to sponsor a display of XRP prices alongside the leading cryptocurrencies reignited speculation that the prominent asset manager could pursue an XRP exchange-traded fund (ETF).

“Tell me with a straight face that Grayscale isn’t about to reboot their XRP ETF funds,” Steingraber remarked.

Why Grayscale XRP ETF is Likely

Remember that Grayscale previously included XRP in its XRP Trust and GDLC products. However, in 2021, Grayscale removed XRP from its Digital Large Cap fund, a move that followed the SEC’s assertion that XRP constituted an unregistered security

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Concurrently, Grayscale initiated the dissolution of its standalone XRP Trust in response to the SEC’s lawsuit. The firm explained that the legal action made it challenging for the Trust to convert XRP into dollars, particularly as several U.S.-based exchanges had delisted XRP.

However, the new ad showcasing XRP alongside BTC and ETH has passed a message of hope for the XRP Army. Note that Grayscale is currently pushing to convert its Grayscale Bitcoin Trust (GBTC) to a spot ETF. 

Besides, Grayscale is pursuing a similar quest to convert its Ethereum trust to an exchange-traded fund directly investing in ETH. The firm reportedly submitted a revised S-3 filing to the U.S. regulator when Barry Silbert, the CEO of its parent company, stepped down. 

Ultimately, the recent advertisement featuring XRP’s price alongside BTC and ETH has led the XRP community to speculate that Grayscale might be contemplating a move to reintroduce support for XRP. Moreover, XRP now has a clear regulatory status in the United States. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.


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