Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
XRP Grayscale makes major operational upgrades to XRP Trust ETF (GXRP)
Grayscale has launched two major operational upgrades to its NYSE Arca-listed Grayscale XRP Trust ETF (GXRP). Analyst Xaif pointed out that the company's latest prospectus supplement, filed on October 5, outlined these changes aimed at making products more attractive to institutional investors and enhancing operational resilience.
Anchorage Digital becomes second custodian
Grayscale designated Anchorage Digital Bank as the new custodian of GXRP, sharing responsibilities with Coinbase Custody Trust Company, LLC. Anchorage Digital Bank is a national trust bank regulated by the Office of the Comptroller of the Currency (OCC) and is now responsible for the custody of some of the trust's XRP assets.
This move introduces a dual custody framework, reduces concentration risks and strengthens the security model of ETFs. By introducing two institutional custodians, Grayscale aims to provide additional security to investors while meeting the growing institutional demand for XRP.
Background: Anchorage Digital is a federally licensed digital asset platform that provides secure cryptographic asset custody and settlement solutions and is known for its compliance operations to institutional customers.
Physical redemption application is opened, opening up new access channels
Another major upgrade allows GXRP to make physical purchases and redemptions. This development allows authorized participants, such as market makers and hedge funds, to directly move real XRP in and out of the ETF, rather than just cash transactions. This mechanism often provides better tax treatment and reduces market impact than cash-based transactions.
Virtu Americas LLC has been designated as an authorized participant to conduct physical transactions, and Grayscale reserves the flexibility to approve more participants in the future. These enhancements align GXRP's core operations with industry standards found in spot Bitcoin and Ethereum ETFs.
Large institutional investors generally favor physical systems because it improves tax efficiency and minimizes market shocks because they can directly use the actual XRP to create or redeem ETF shares, rather than converting cash to cryptocurrency or vice versa. By using physical subscriptions and redemptions, trusts establish a more direct link between institutional capital flows and underlying XRP needs. When new ETF shares are physically created, participants must acquire and deliver the actual XRP, linking the growth of the ETF more closely to the true accumulation of assets on the chain.
迈向机构就绪的路径
GXRP 于 2025 年 11 月在 NYSE Arca 首次开始交易。最近的运营改进使该产品更接近于现货 BTC 和 ETH ETF 建立的运营结构，后者在此类发展之后经历了巨大的机构资金流入。
Grayscale 可以随时批准更多的授权参与者。扩大这一网络通常会导致买卖价差收窄和价格发现更加高效，使 ETF 对成熟投资者更具吸引力。这些升级被广泛视为实现全面机构参与的关键步骤。
最新的变化反映了 GXRP 从早期发展阶段向更成熟、市场就绪产品的转变，紧密跟踪较大规模现货加密 ETF 的标准。随着 Grayscale 构建 GXRP 背后的基础设施，分析师指出，通过将 ETF 活动与基础数字资产更紧密地联系起来，这一举动可能会对更广泛的 XRP 需求产生连锁反应。
