Grayscale seeks SEC approval to convert Ripple Trust fund into ETF on NYSE. Joining other investment firms in the initiative.
Grayscale Asset Management has requested the conversion of its Ripple Trust fund into an Exchange-Traded Fund (ETF) on NYSE Arca by submitting a request to the U.S. Securities and Exchange Commission (SEC). With over $16 million in assets under management, this trust is one of the largest investment tools related to the native Ripple token. Grayscale, as a giant asset manager, has joined other investment companies like CoinShares, Wisdom Tree, and Bitwise in presenting similar requests to launch Ripple ETFs. This initiative comes as the SEC, under the interim leadership of Mark Uyeda, has appointed a special force to develop a regulatory framework for the digital currency industry.
