Leading asset manager Grayscale Investments has taken to X to celebrate the one-year anniversary of the Grayscale XRP Trust. In its X post, Grayscale marked the first anniversary of the XRP Trust, an investment vehicle that enables accredited investors to gain exposure to XRP without directly purchasing the token. The post highlighted XRP’s strengths, noting that it is the native token of the XRP Ledger (XRPL), which is known for its speed and low-cost payments. Strong Performance as NAV Soars Over 400% It has been one year since the company relaunched the investment vehicle. Notably, the Grayscale XRP Trust has recorded an impressive performance since its relaunch a year ago. In just one year, the Trust’s net asset value (NAV) per share has surged from its initial $10.85 to the current rate of $55.79, marking a 414% increase. As of September 5, the NAV had spiked 2.50% compared to the previous day’s value. Data from Grayscale shows that the company has issued approximately 301,500 shares to investors in the Trust, with each share representing roughly 19.5 XRP. At press time, the Trust had an AUM of $16.82 million. Grayscale XRP Trust performance Spot ETF Move Despite the remarkable performance of the XRP Trust, Grayscale is pushing to convert the product into a spot-based exchange-traded fund (ETF). In January, it filed an S-1 document with the SEC to facilitate this conversion. This comes several months after Grayscale successfully converted its Bitcoin and Ethereum Trusts into spot ETFs. Now, the company is attempting to do the same for XRP, with shares of the ETF expected to launch on the Nasdaq once approved. However, the SEC has delayed its decision on its potential approval. Recently, Grayscale updated its application to allow authorized participants to redeem and create the ETF shares in XRP, cash, or in-kind. In the meantime, the SEC has a final deadline of October 2025 to decide whether to approve or disapprove Grayscale’s request to convert the XRP Trust into a spot ETF.