The Crypto Week in Review: XRP ETF, Goldman Sachs’ BTC bet, and Gamestop’s back in the headlines

President Trump may have been absent from crypto headlines lately, but his recent regulatory appointments could have significant implications for the industry. Meanwhile, the SEC has acknowledged a new ETF application from Grayscale, and fresh Q4 filings reveal a growing appetite for crypto among the largest banks in the world. This and more in your weekly crypto news fix below. 

Top performers (7 days)

Fantom (FTM)
+34.05%

Cardano (ADA)       
+13.9% 

 XRP (XRP) 
+10.3%

Bottom performers (7 days)

Solana (SOL)
-11.07% 

Hedera (HBAR)      
-9.96%

Algorand (ALGO)
-5.63%            

Could XRP soon be joining BTC and ETH ETFs?

• The US Securities and Exchange Commission (SEC) has acknowledged Grayscale’s filing to convert its XRP Trust into a spot exchange-traded fund (ETF), initiating the review process, but not guaranteeing approval. 
  

• If approved, Grayscale’s XRP ETF would be listed on the New York Stock Exchange (NYSE) Arca, enhancing liquidity and accessibility for investors.
  
  
• The price of XRP rose more than 10% in the hours following the news. 

What does this mean?

Cryptocurrency spot ETFs make crypto investments accessible to a broader range of investors, particularly to more traditional investors. For example, the 12 Bitcoin ETFs in the US manage a total of roughly $112 billion worth of bitcoin, including investments from institutional investors like Goldman Sachs.

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Trump taps another former blockchain exec to lead influential regulator 

• President Donald Trump reportedly tapped former blockchain executive Jonathan Gould to lead the Office of the Comptroller of the Currency (OCC), according to The Block.
  
  
• The OCC regulates and supervises national banks and federal savings associations to ensure they operate safely and comply with laws. It could, for example, influence crypto regulation by overseeing how national banks and federal savings associations engage with digital assets, including custody services, stablecoin reserves, and crypto-related banking activities.
  
  
• Gould was previously chief legal officer at Bitfury, a blockchain technology company.

What does this mean? 

Gould is the latest in a series of pro-crypto candidates chosen to lead regulators in the US that could have a say over crypto policy and regulation in the country. This and other appointments are seen as a positive for the development of the industry in the long run. 

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Goldman Sachs invested billions of dollars in BTC and ETH ETFs in Q4 2024

• According to a quarterly 13F filing with the Securities and Exchange Commission, investment bank Goldman Sachs purchased nearly $1.28 billion worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) in Q4 last year, reflecting a 177% increase from Q3 2024. The bank also invested $288 million in the Fidelity Wise Origin Bitcoin Fund (FBTC), and holds $3.6 million in the Grayscale Bitcoin Trust (GBTC).
  
  
• Goldman also increased its spot Ethereum ETF investments by 2,000%, raising its exposure from $22 million to approximately $476 million. This includes nearly equal investments in BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity’s Ethereum Fund (FETH), along with a smaller stake in the Grayscale Ethereum Trust ETF.

What does this mean? 

A major Wall Street player increasing its exposure to spot Bitcoin and Ethereum ETFs could suggest growing institutional confidence in crypto as a legitimate asset class. 

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Gamestop’s back with Bitcoin investment rumours  

• GameStop is reportedly considering investing in Bitcoin and other cryptocurrencies, seeing its share price spike by 20% following the news, according to CNBC. 
  
  
• Speculation about the video game retailer’s plans intensified after GameStop CEO Ryan Cohen posted a photo with Michael Saylor, co-founder of Strategy, a company known for its significant Bitcoin holdings. While Saylor is not involved in GameStop’s crypto discussions, the association has fueled rumors about the retailer’s potential cryptocurrency investments.

What does this mean? 

While Gamestop’s rumoured investment in Bitcoin could prove to be materially insignificant in the grand scheme, the potential move is part of a bigger trend of corporates and states talking about adding Bitcoin to their balance sheets.

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