Grayscale’s ADA and XRP ETF Explodes with $22M Trading Volume in Stellar Market Debut

Grayscale just dropped a crypto bombshell—their new ADA and XRP ETF racked up a whopping $22 million in trading volume on day one. Not exactly pocket change, even by Wall Street standards.

Why Traders Are Buzzing

This isn’t just another fund launch. It’s a legit gateway for institutional money to flow into two of crypto’s heavyweights without the hassle of self-custody. No keys, no headaches—just pure exposure.

The Bigger Picture

While traditional finance still debates whether crypto is ‘real,’ products like this keep quietly stacking volume. Maybe someday the old guard will catch up—or get left behind entirely.

Let’s be real: $22 million in debut volume is a flex. And for once, the suits aren’t just watching; they’re buying.

Regulatory path to launch

The ETF conversion required navigating complex regulatory approval processes after the SEC initially imposed a stay order following July approval.

The regulator lifted restrictions only after the SEC revealed generic listing standards on Sept. 18, designed to streamline future crypto ETF approvals across Nasdaq, Cboe, and NYSE.

The new framework eliminates the need for individual Rule 19b-4 filings for each product, instead requiring only FORM S-1 submissions with 75-day review periods.

The standards aim to reduce delays while maintaining threshold requirements for market capitalization, trading volume, and liquidity that not all products will immediately satisfy.

Grayscale CEO Peter Mintzberg credited the SEC’s crypto task force for providing “regulatory clarity our industry deserves,” signaling improved cooperation between industry participants and regulators after years of contentious review processes.

Basket-style crypto ETFs

Bloomberg analyst James Seyffart projected that basket-style crypto ETFs could evolve into the second- or third-largest category of digital asset products, following single-asset Bitcoin funds that now manage over $100 billion.

The precedent demonstrates substantial investor appetite for regulated crypto exposure through traditional brokerage accounts.

Multiple issuers, including Bitwise, Hashdex, and Franklin Templeton, have submitted applications for similar multi-asset crypto funds, which are currently pending SEC approval. The generic listing standards could accelerate the process, potentially creating a new wave of diversified crypto investment products.

The ETF structure replaces GDLC’s previous closed-end format with in-kind creation and redemption mechanisms, providing better price discovery and reduced premiums or discounts to net asset value.

The strong debut volume suggests continued institutional and retail demand for crypto exposure through regulated investment vehicles.