Grayscale opens in-kind XRP creations and redemptions for GXRP, adds Anchorage as custodian
Grayscale's GXRP now lets authorized participants create and redeem shares with XRP directly as well as cash, and Anchorage Digital Bank joins as a second custodian while Coinbase stays primary.
Why it matters
Exchanging XRP directly for shares cuts how much the fund has to buy or sell tokens in the market to meet creations and redemptions, the same cost argument Bitwise made for in-kind transactions in a July 31, 2025 announcement, though no outlet quantifies the effect on GXRP. The SEC had already allowed in-kind bitcoin and ether ETF transactions on July 29, 2025, per Crypto News, so Grayscale is following a structure other issuers use, and Coinbase stays primary custodian of GXRP.
Where the sources disagree
Breadth of Anchorage's custody role at Grayscale
Additional custodian for GXRP, with Coinbase remaining primary
The Crypto Basic, Bitcoin.com News
Secondary custodian across seven Grayscale ETPs including the large cap index, SUI, Avalanche, Chainlink, Doge, XRP and Zcash
Crypto News (CryptoNews.net)
Bitcoin.com News and The Crypto Basic describe Anchorage as an added custodian for GXRP only, while Crypto News reported the role extends to seven Grayscale ETPs, citing the commentator @JSeyff.
Key facts
An Oct. 5 prospectus supplement and related SEC filing disclosed that GXRP permits creations and redemptions in XRP alongside cash, where it previously relied on cash orders.
Reported by The Crypto Basic
Agreements supporting the change were signed on Sept. 29, the same date in-kind transactions became available to authorized participants.
Reported by The Crypto Basic
Virtu Americas LLC and Macquarie Capital (USA) Inc. have agreements supporting both XRP and cash creation and redemption transactions.
Reported by The Crypto Basic
Anchorage Digital Bank N.A. was added as a custodian of GXRP, and Coinbase remains the fund's primary custodian.
Reported by The Crypto Basic
Cash orders remain available to authorized participants alongside the new in-kind route.
Reported by The Crypto Basic
The in-kind mechanism runs through authorized participants, so individual GXRP shareholders cannot take shares to Grayscale and withdraw XRP.
Reported by The Crypto Basic
GXRP began trading on NYSE Arca on Nov. 24, 2025, after a private offering for eligible investors in September 2024.
Reported by Crypto News (CryptoNews.net)
Crypto News, citing the commentator @JSeyff, reported Anchorage as a secondary custodian for seven Grayscale ETPs, covering the large cap index, SUI, Avalanche, Chainlink, Doge, XRP and Zcash products.
Disputed figureReported by Crypto News (CryptoNews.net)
What happened
An Oct. 5 filing with the SEC disclosed that the Grayscale XRP Trust ETF (GXRP) lets authorized participants exchange XRP directly for fund shares, a structure the fund previously ran on cash orders only. For a creation, a firm delivers XRP to the trust and receives new shares; for a redemption, it returns shares and takes XRP out, and cash orders remain an option. Agreements behind the change were signed Sept. 29, and Virtu Americas LLC and Macquarie Capital (USA) Inc. are named as firms with agreements supporting both XRP and cash transactions. The filing names Anchorage Digital Bank N.A. as an added custodian of GXRP, and Bitcoin.com News reported Coinbase remains the primary custodian. The route runs through authorized participants, so individual shareholders keep brokerage exposure rather than the underlying coin, and the filing says the sponsor may add participants later who could transact in kind, in cash or both. Crypto News, citing the commentator @JSeyff, reported the Anchorage role covers seven Grayscale ETPs — the large cap index, SUI, Avalanche, Chainlink, Doge, XRP and Zcash — a claim the other outlets did not address.
How the story developed
- First report
First report by The Crypto Basic
Grayscale Upgrades its XRP ETF as GXRP Can Now Use XRP Directly for ETF Creations and Redemptions
- Official statement
Agreements signed and in-kind route opens
Agreements backing the change were signed and in-kind creations and redemptions became available to authorized participants.
- Update
First report on the in-kind change and new custodian
The Crypto Basic describes the filing, the in-kind order flow and the Anchorage addition.
- Official statement
Oct. 5 prospectus supplement and SEC filing
The expanded operating setup for GXRP appears in an Oct. 5 prospectus supplement and related SEC filing.
- Update
Claim that Anchorage covers seven Grayscale ETPs
Crypto News attributes the wider custody role to the commentator @JSeyff, and no other outlet in the set confirms it.
- Official statement
Official statement from Bitcoin.com News
Grayscale XRP ETF Adds In-Kind Transactions and New Custodian
- Update
Independent write-up confirms in-kind flow and Coinbase's role
Bitcoin.com News reports the Oct. 5 filing, the named firms and Coinbase remaining primary custodian.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 6 Oct 2026, 15:11 UTC: The Crypto Basic — 1 independent source, 1 reports
- 6 Oct 2026, 21:04 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
- 7 Oct 2026, 23:45 UTC: Bitcoin.com News, official — 3 independent sources, 3 reports
Affected entities
Also mentioned: NYSE, Ethereum, United States, Bitwise, Avalanche, Sui, Fidelity
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Grayscale XRP ETF Adds In-Kind Transactions and New Custodian | Independent | |
| The Crypto Basic Crypto media | Grayscale Upgrades its XRP ETF as GXRP Can Now Use XRP Directly for ETF Creations and Redemptions | Original | |
| Crypto News (CryptoNews.net) Aggregator | Anchorage Secures Custodianship for Grayscale’s 7 ETPs | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Grayscale XRP ETF Adds In-Kind Transactions and New Custodian | Syndicated |
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