Grayscale GXRP Enables In-Kind XRP Creations

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Institutional participants who handle GXRP share orders are the ones who will notice this first, because XRP can now be used directly in the creation and redemption process. The custody setup also matters to firms that monitor where the fund’s XRP sits, since Coinbase Custody stays in place and Anchorage Digital Bank has been added as another custodian.

Before this change, GXRP had an existing cash process; now it can also use in-kind transfers of XRP for creations and redemptions. That leaves the ETF able to work through both routes, while the separate custody arrangement remains part of how the fund holds the asset.

The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.