Grayscale Investments has introduced its new Grayscale XRP Trust, which exposes investors to the XRP cryptocurrency. The trust went live on September 12 and is available for daily subscription by qualifying accredited investors. It has the same structure as Grayscale's previous single-asset trusts, except it only invests in XRP.

Unlike a crypto ETF that requires SEC clearance for regular investors, the trust structure caters to accredited investors with less regulatory scrutiny. Grayscale has sketched a four-phase product life cycle for the XRP trust, hinting at the possibility of an XRP ETF in the future.

The trust intends to track the market price of XRP with fewer fees and expenditures. It allows investors to get XRP exposure without purchasing, storing, or safeguarding the cryptocurrency. XRP is based on the Ripple Network, a decentralized blockchain technology for value exchange.

The trust's benchmark is the CoinDesk Ripple Price Index (XRX). It began operations on September 5, 2024, and costs a 2.50% management fee. On September 11, 2024, the trust's NAV per share was $10.73, with $247,921.68 in assets under management. Each share equals 19.99180468 XRP.