Grayscale Opens XRP ETF to Direct XRP Creations and Redemptions

Grayscale has opened its XRP ETF to share creations and redemptions using XRP, giving eligible institutional participants a way to exchange the asset directly with the fund while keeping cash orders available.

The change applies to the Grayscale XRP Trust ETF (GXRP), which trades on NYSE Arca. Authorized Participants, or firms they designate, may submit orders in XRP. For a creation, XRP is transferred to the trust and new shares are issued; for a redemption, shares are returned and XRP leaves the trust.

The process is limited to Authorized Participants and their designated firms. Individual GXRP shareholders cannot redeem their shares directly with Grayscale for XRP.

The updated terms also add Anchorage Digital Bank as a custodian. Coinbase Custody remains GXRP’s primary custodian, and Grayscale may allocate XRP between the two. XRP held at Anchorage is expected to remain in cold storage, with temporary hot-wallet transfers permitted for fund operations, including creations and redemptions.

The changes followed agreements signed Sept. 29 and were included in an Oct. 5 prospectus supplement. Macquarie Capital (USA) and Virtu Americas are among the firms whose agreements were amended to support in-kind orders.

The custody change gives the fund another option for holding XRP, while in-kind orders allow participating institutions to use the asset itself when creating or redeeming ETF shares.