Grayscale Investments has filed to convert its $16 million XRP Trust into an NYSE-listed ETF, joining five other firms awaiting approval amid rising trading volumes and potential government interest in the digital asset.

The NYSE Arca moved Thursday to convert Grayscale's $XRP Trust into an $XRP ETF, effectively adding the crypto-focused asset manager into the list of institutions seeking to offer regulated exposure to the XRP Ledger's native cryptocurrency.

Grayscale has filed with the SEC to list an XRP ETF on the NYSE Arca, following last week’s Solana and Litecoin ETF filings.

New York Stock Exchange (NYSE) Arca has submitted a 19b-4 filing seeking to convert Grayscale’s XRP Trust into a spot ETF, with the trust fund’s AUM at approximately $16.1 million.