Grayscale Takes Another Big Step On XRP ETF

Grayscale Investments has filed Amendment No. 2 to Form S-1 with the U.S. Securities and Exchange Commission (SEC) for its proposed Grayscale XRP Trust, renewing focus on the asset’s path toward institutional accessibility.

The filing, submitted on November 3, 2025, lists Edward McGee as Chief Financial Officer and identifies Davis Polk & Wardwell LLP as legal counsel, reaffirming Grayscale’s procedural diligence in navigating the SEC’s review process.

The amendment does not yet indicate final approval or listing, but its submission demonstrates continued effort to structure an XRP-based investment vehicle compliant with U.S. securities regulations. Such progress, if recognized by regulators, would make XRP more accessible to institutional investors seeking digital asset exposure through conventional financial products.

Crypto commentator Jack The Rippler drew attention to the filing, describing it as a new amendment for an XRP ETF. His post drew reactions across the community, highlighting both optimism and skepticism over what the development might mean for the broader digital asset market.

Reactions from the Community

One X user, XR TRADER, viewed the filing as a step forward in mainstream integration. He noted that an XRP ETF would represent more than price speculation, signaling a deeper willingness from institutions to formalize and standardize their digital exposure. He also pointed out that eventual approval would depend heavily on how regulators assess clarity and custody structures—two areas that remain central to digital asset oversight in the United States.

In contrast, another user, XdRewP, voiced frustration with XRP’s price performance despite ongoing news and developments. He expressed doubt that any announcement or institutional progress could alter what he described as XRP’s dependence on Bitcoin’s overall market direction.

His sentiment echoed concerns among some retail investors that even with growing institutional interest, broader market patterns continue to dictate XRP’s valuation in the short term.

Regulatory Outlook

The Grayscale XRP Trust filing underscores a continued convergence between traditional finance and blockchain-based assets. As regulatory authorities evaluate these filings, their decisions will shape the structure of institutional access to digital assets moving forward.

Approval of such a product would not only expand investment pathways but also reinforce market recognition of XRP as a regulated component of the financial ecosystem.

While the outcome remains uncertain, Grayscale’s action highlights a maturing phase in digital asset adoption—where compliance, clarity, and institutional engagement increasingly define the next stage of growth for blockchain-based investment products.