Crypto Fund Behemoth Grayscale Investments has submitted an application to Securities and Exchange Commission (SEC) to convert its XRP confidence to a stock exchange (ETF), which will be performed on the New York Stock Exchange (NYSE).

The existing product acts as a Delaware -obligatory confidence and controls over $ 16 million XRP from Friday. The proposed ETF will continue to hold XRP as its primary asset and track its benefit on price returns, adjusted for operational fees, giving investors a direct link to XRP’s performance.

In addition to gray scale, companies such as Coinhares and Bitwise have also submitted applications for XRP-based ETFs, indicating a growing institutional appetite for structured investment products in XRP.

Earlier in January, Ripple Labs President Monica long noticed that an XRP ETF could “soon be a reality” under the new Trump administration, one that has promised to bring crypto-innovation back to the United States and support locally based companies.

Meanwhile, trading quantities on XRP-native applications have been increasing as it benefits from investors. Swap volumes on XRP Ledger’s decentralized exchange (DEX) crossed the $ 400 million mark in January to cross $ 1 billion for the first time since its automated market manufacturer launched in May -a feat, some say, contributed to doing 2024 to a “monumental” year for token.