Grayscale XRP ETF adds in-kind creations and Anchorage as custodian

Key points

• The in-kind option for authorised participants became available on 29 September, per the 5 October SEC filing.
• Anchorage Digital Bank N.A. became eligible as custodian on 5 October, with Coinbase Custody Trust Company remaining primary.
• GXRP was 11.92% of Grayscale's Leaders model portfolio and 26.11% of Next Gen as of 31 August.

Grayscale's XRP exchange-traded fund has widened how institutions create and redeem shares, adding direct XRP delivery and a second custodian, Bitcoin.com News reports. A 5 October filing with the SEC disclosed the changes to the Grayscale XRP Trust ETF, which trades as GXRP.

The in-kind process, available from 29 September, lets authorised participants hand XRP to the fund in return for newly created shares, or return shares for XRP. Virtu Americas LLC and Macquarie Capital (USA) Inc. hold agreements covering both XRP and cash transactions, and cash remains an option. Grayscale Investments Sponsors, LLC is the sponsor.

Anchorage Digital Bank N.A. became eligible to serve as custodian on 5 October, with Grayscale intending to place part of the trust's XRP there. Coinbase Custody Trust Company stays the primary provider, and the sponsor will decide the split between them as the trust grows.

Grayscale began trading GXRP on NYSE Arca on 24 November 2025, after a private offering in September 2024. The filing notes that limited participation could impair liquidity and widen spreads, that requests must be submitted by 3:59:59 p.m. New York time, and that the fund's US tax classification remains uncertain.

What to watch: Grayscale will decide how to allocate the trust's XRP between Anchorage and Coinbase as the fund grows, and may engage further authorised participants in future.

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