We advised Grayscale on launching one of the first publicly traded spot XRP ETFs in the United States

Davis Polk advised Grayscale Investments on the successful uplisting of Grayscale XRP Trust ETF under the generic listing standards for commodity-based exchange-traded products recently approved by the U.S. Securities and Exchange Commission. Grayscale XRP Trust ETF is one of the few investment vehicles offering exposure to XRP through traditional securities brokerage and retirement accounts. Shares of the trust are listed on NYSE Arca under the ticker “GXRP.” The trust’s registration statement became automatically effective 20 calendar days after its filing following Grayscale’s removal of the Rule 473 delaying amendment.

XRP is the native digital asset of the XRP Ledger, a mature blockchain built for fast cross-border payments and modern digital finance use cases. One of the oldest and most resilient blockchains, the XRP Ledger has processed more than 4 billion transactions since its inception in 2012. Today, XRP is the third largest digital asset by market capitalization, excluding stablecoins.

The Davis Polk capital markets team included partners Joseph A. Hall and Daniel P. Gibbons and associate Dylan H. Lojac. Partner Zachary J. Zweihorn and associates Justin Levine and Boaz B. Goldwater provided financial institutions advice. The tax team included partners Patrick E. Sigmon and Lucy W. Farr and associates William Liang and Seth Cole. Members of the Davis Polk team are based in the New York and Washington DC offices.

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