Is Grayscale Ripple’s (XRP) Latest SEC Filing the Best Time to Own a US ETF?

Grayscale Investments has filed an application with the US Securities and Exchange Commission (SEC) to convert its mixed crypto fund into an exchange-traded fund (ETF).

This development comes as Canary Capital makes plans for a one-time Litecoin ETF.

New ETF from Grayscale

Grayscale’s large-cap digital fund (GDLC) currently has $524 million in assets under management. According to the company’s filing, Bitcoin (BTC) accounts for 75% of the portfolio and Ethereum (ETH) accounts for 19%. The rest is made up of Solana (SOL), Avalanche (AVAX) and XRP.

If approved, Grayscale expects to list the ETF on the New York Stock Exchange (NYSE). The exchange has already filed a Form 19b-4 with the Securities and Exchange Commission (SEC) supporting the conversion.

The move follows Grayscale’s success earlier this year in turning its Bitcoin (GBTC) and Ethereum (ETHE) funds and smaller versions of both into ETFs.

In September, the firm also launched a dedicated XRP to track the token’s price. Similar to its existing Bitcoin and Ethereum funds, this trust could be converted into a one-time XRP ETF.

Despite Ripple’s ongoing legal challenges with the SEC, CEO Brad Garlinghouse has expressed confidence that XRP will eventually have its own ETF.

Grayscale is not the only player looking to enter the XRP ETF market. In recent weeks, Bitwise and Canary Capital have filed their applications with the SEC for spot XRP ETFs. These funds aim to track the price of the token using the CF Ripple Index of the Chicago Mercantile Exchange.

Canary Capital Eyes Litecoin ETF

Meanwhile, Canary Capital has also revealed plans for a Litecoin ETF. Under its proposal, the ETF would hold Litecoin (LTC) and use the CoinDesk Litecoin Price Index to establish its daily net asset value.

Data from CoinGecko shows that LTC has a market cap of nearly $5.3 billion, making it the 26th largest cryptocurrency.

In a statement shared by Fox Business reporter Eleanor Terret, Canary Capital described Litecoin as a reliable and established digital asset with significant institutional potential.

“With its strong fundamentals, Litecoin continues to play a prominent role in the broader cryptocurrency ecosystem, which Canary believes could make it attractive to a wider range of institutional investors,” the comment read.

Earlier this month, a spokesperson for the venture capital firm expressed optimism about possible SEC approval of these funds, citing “encouraging signs of a more flexible regulatory environment” after the previous approvals.

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