Grayscale Tweaks XRP Trust Filing as Spot ETF Momentum Heats Up

Grayscale Investments has taken another step toward launching a U.S. spot XRP exchange-traded fund (ETF), filing a new amendment for its XRP Trust with the Securities and Exchange Commission (SEC).

As it happens, the update, submitted via a Form 8-K on January 20, 2026, signals continued momentum behind Grayscale bringing regulated XRP exposure to traditional financial markets.

Specifically, the filing builds on the company’s earlier S-1 registration submitted in late 2025 and focuses on how the trust calculates XRP pricing, an essential component for institutional-grade products.

What Changed in Grayscale’s XRP Trust

According to the filing, Grayscale updated the CoinDesk XRP Benchmark, which determines the trust’s net asset value on NYSE Arca. The benchmark now includes additional high-liquidity trading venues and removes others that no longer meet index criteria.

Newly added exchanges include Binance (XRP-USDC), Gate (XRP-USDC), and HashKey (XRP-USD). At the same time, Bitfinex (XRP-USD) was removed from the pricing calculation. Grayscale said the changes improve price accuracy and reduce manipulation risk by relying on deeper, more consistent liquidity sources.

These benchmark adjustments directly influence how XRP Trust shares are valued on a daily basis, a critical factor for institutional investors assessing transparency and reliability.

*Excerpt from Grayscale’s XRP ETF amendment. Source: SEC*

Why This Matters for an XRP ETF

Meanwhile, spot ETFs have become the preferred gateway for traditional capital entering cryptocurrency markets. Indeed, Bitcoin (BTC) and Ethereum (ETH) both saw sharp increases in liquidity and participation following their ETF launches, and asset managers are now actively exploring other crypto products.

XRP remains one of the most liquid digital assets globally and consistently ranks among the top crypto assets by market capitalization. Though Ripple’s past legal battle with the SEC still looms, a U.S. court previously ruled that XRP is not a security in secondary market sales, removing a major roadblock, though not full regulatory uncertainty.

Potential Market Impact

If approved, this spot XRP ETF could unlock billions in institutional demand, reduce volatility, and further legitimize XRP’s role in cross-border payments. For Grayscale, the amendment underscores a clear message that the firm is not slowing down.

Each filing tightens the framework, further establishing XRP alongside Bitcoin and Ethereum in the regulated ETF arena.