Can the Grayscale XRP Trust ETF use Anchorage Digital as a custodian and create shares in-kind for XRP?

The full answer

What did Grayscale’s latest quarterly report say about creating shares?

Grayscale’s report for the quarter ended June 30, 2026 said authorized participants could only submit cash orders, because their agreements did not currently provide for in-kind creations and redemptions [1]. The Trust received and held cash only to carry out those cash orders [1]. It held 55,035,728.016985 XRP at June 30, 2026 [1]. The Trust’s custodian was described there as responsible for safeguarding the XRP and holding the private keys to the Trust’s wallets [1].

The Trust is a Delaware statutory trust that was formed on August 5, 2024 and began operations on September 5, 2024 [1].

Is Anchorage Digital a bank, and is it already used by an XRP ETF?

The Office of the Comptroller of the Currency announced conditional approval on January 13, 2021 for Anchorage Trust Company to convert into Anchorage Digital Bank, National Association [4]. CoinDesk reported in July 2025 that Anchorage already held a federal charter [6].

The 21Shares XRP ETF’s quarterly report for June 30, 2026 names Anchorage Digital Bank N.A., together with Coinbase and BitGo, as the custodians that hold all of that Trust’s XRP [2]. 21Shares’ fund page, with key facts as of September 29, 2026, lists Anchorage among its custodians [2]. So an Anchorage custody arrangement for a US spot XRP ETF already exists. The list of XRP ETFs shows how the other funds differ.

Do other XRP ETFs create shares in-kind?

Bitwise’s report for the period to June 30, 2026 says its trust may create and redeem shares in-kind for XRP or for cash [3]. Canary’s report for the six months ended June 30, 2026 records 25,933,548 XRP contributed in-kind for the creation of shares [5]. Grayscale’s June report, by contrast, described a cash-only process [1]. The mechanics are covered in the page on creations and redemptions.

What would change if Grayscale used both?

Our reading is that the two steps are separate. Custody decides who holds the XRP. Creation method decides whether authorized participants hand over cash or XRP. Grayscale’s June report puts the second step outside its existing agreements [1], so each change would need its own disclosure from the fund.

An in-kind creation moves XRP that already exists into the Trust. It is not by itself new buying, a point the page on whether ETF purchases make XRP scarcer works through. For the basics of the structure, see what an XRP ETF is.

What is the strongest counterpoint?

Custody and creation rules do not show demand. Grayscale’s own holdings are a reminder: the Trust held 55,035,728.016985 XRP at June 30, 2026 [1], and its report described redemptions as well as creations in the half-year. Wallet-level signals are a separate question, taken up in the page on whether XRP whales are accumulating.

What is still unknown?

As of October 6, 2026, Grayscale has not filed a quarterly report for any period after June 30, 2026, so no filing shows XRP held at Anchorage or shares created in-kind. The date from which Grayscale’s authorized-participant agreements allow in-kind creation is not shown in the sources used here.