The Nasdaq Stock Market LLC has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Coinshares XRP ETF under Nasdaq Rule 5711(d). The exchange-traded fund (ETF) is structured as a Delaware Statutory Trust and is designed to offer investors exposure to XRP without requiring direct ownership or custody of the asset. According to the filing:

The trust holds only XRP and cash.

The ETF will track the Compass Crypto Reference Index XRP – 4pm NY Time, with the trust’s net asset value (NAV) calculated daily. The fund will operate as a passive investment vehicle, with XRP securely stored by a third-party custodian.

The trust plans to create and redeem shares in large blocks called “baskets,” which can only be acquired by authorized participants. The filing specifies: “The trust issues baskets to authorized participants on an ongoing basis in exchange for cash, which is used to purchase XRP that is deposited for safekeeping with the custodian.”

Nasdaq argues that the ETF provides a regulated and transparent means of accessing XRP while mitigating risks associated with direct digital asset ownership. Additionally, the proposal highlights the market’s depth and liquidity, stating:

XRP is not particularly susceptible to manipulation, especially as compared to other approved ETP reference assets.

In advocating for approval, Nasdaq draws comparisons to previously approved bitcoin and ether ETFs, asserting that XRP’s decentralized structure and global trading volume limit the potential for market manipulation. The exchange also emphasizes that the nature of XRP trading makes price distortion unlikely, adding: “The exchange believes that the fragmentation across XRP trading platforms and increased adoption of XRP, as displayed through increased user engagement and trading volumes, and the XRP network make manipulation of XRP prices through continuous trading activity more difficult.” The SEC is currently reviewing the proposal and has invited public comments before making a final decision.

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