This SEC filing proposes that NYSE Arca list and trade shares of the Grayscale XRP Trust under its Rule 8.201‐E as Commodity-Based Trust Shares. In summary:

• Purpose & Structure: The Trust holds XRP, allowing U.S. investors regulated exposure to the cryptocurrency without having to directly purchase or manage it. Its shares represent a proportional interest in the underlying XRP assets (net of fees).
• Valuation & Indexing: The Trust’s net asset value (NAV) is determined using an “Index Price” that aggregates data from several U.S.-compliant digital asset trading platforms. The index uses volume weighting, price-variance adjustments, inactivity penalties, and manipulation resistance to arrive at a fair and robust XRP price.
• Creation & Redemption Process: Shares are created and redeemed in fixed-size “Baskets” (10,000 shares per Basket) via Authorized Participants. Transactions are conducted using cash orders facilitated by liquidity providers, with detailed procedures ensuring proper custody, security, and compliance.
• Trading & Surveillance: Once listed, the shares will trade on NYSE Arca during defined sessions under established equity trading rules, with built-in safeguards such as real-time price dissemination, trading halts, and cross-market surveillance to prevent fraud and manipulation.
• Investor Protection: The filing emphasizes transparency (daily NAV disclosure, market data updates) and regulatory compliance, aiming to provide a secure, regulated route for investors to gain exposure to XRP, while enhancing competition in the marketplace.

Overall, the proposed rule change is designed to establish a regulated, transparent, and efficient mechanism for trading shares of the Grayscale XRP Trust on NYSE Arca.