Grayscale Set to Launch XRP Spot ETF as Canary ETF Gains Momentum

TLDR

• Grayscale is converting its XRP Trust into a public XRP Spot ETF, offering broader market access.
• The Grayscale XRP Trust is currently a private investment vehicle for accredited investors, tracking XRP’s price
• The newly formed GXRP ETF will provide direct exposure to XRP for retail and institutional investors.
• The Canary XRP ETF has shown strong growth, reaching $277.82 million in net assets by November 18, 2025.
• Canary’s XRP ETF has experienced significant daily inflows, with $25.41 million on November 17 and $243.05 million on November 14.

Grayscale Investments is moving to convert its existing XRP Trust into a spot exchange-traded fund (ETF), following recent regulatory filings. The move positions Grayscale among the first asset managers in the U.S. to seek broader market access to XRP through a public investment vehicle. This development follows the firm’s updated registration statement, reflecting changes in how XRP’s value is tracked within the trust.

Registration Updates Signal Grayscale XRP ETF Transition

The Grayscale XRP Trust currently operates as a private placement, available only to accredited investors. It tracks XRP’s price through a designated reference rate. Confirmed via an X post by Grayscale, recent filings show that Grayscale has amended its trust structure to align with spot ETF requirements, signaling a planned shift toward a publicly traded fund soon.

Once converted, the newly formed GXRP ETF would allow retail and institutional investors to gain direct exposure to XRP. The trust has also adopted a new reference rate provider to enhance pricing accuracy and align with ETF standards. Grayscale’s effort mirrors a growing industry push to offer crypto assets in traditional investment formats. Alongside Canary Capital, Grayscale is among the first to file for an XRP ETF in the U.S.

Canary XRP ETF Sees Positive Inflows and Growth

As Grayscale prepares for a full exposure, the Canary XRP ETF that is supported by NASDAQ has reported a positive trend. According to a recent SoSoValue update, recent market data for the Canary-sponsored XRP Spot ETF, trading under the ticker XRPC, has been leaning on the positive side.  As of November 18, 2025, the total net assets for the XRP ETF stand at $277.82 million, with a daily net inflow of $8.32 million.

The XRP ETF has seen significant trading activity, with a market price of $21.90 per share, though it experienced a daily change of -7.75%. The XRP ETF’s net inflows have been substantial. On November 17, 2025, the ETF saw inflows of $25.41 million, raising its cumulative total to $268.47 million.

Source: SoSoValue

Prior to that, the ETF had recorded an even larger daily inflow of $243.05 million on November 14, 2025. These inflows indicate a steady demand for the XRP ETF as it continues to attract investors. XRP ETF’s trading volume saw a notable performance as it reached 727.41K shares on November 18, 2025. The ETF holds a 0.21% share of the XRP market cap, and its current value per share is $21.90. Despite some fluctuations, the XRP ETF continues to experience consistent interest from the market, evidenced by the ongoing inflows.

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