U.S. asset manager Gratus Reserve V has begun procedures to register a $75 million fund to provide retail investors with an institutional-style digital asset management strategy that includes XRP.

On Sept. 9 local time, blockchain outlet U.Today reported that Gratus Reserve V submitted a Form 1-A, a preliminary offering statement, to the U.S. Securities and Exchange Commission and is seeking to register a decentralised corporate treasury portfolio.

In the filing, Gratus Reserve V stressed lower XRP transaction costs. It said buying $5,000 worth of XRP through an institutional over-the-counter (OTC) desk could reduce costs to nearly one-tenth of the level for trading the same amount in the retail market.

It argued that direct access to institutional liquidity pools can reduce spreads, brokerage fees and slippage borne by retail investors during trading. It aims to offer retail investors, in fund form, a trading structure that institutional investors have used.

The portfolio is not focused only on XRP. Gratus Reserve V plans to include Stellar, Cardano, Hedera and Quant as assets aligned with ISO 20022, an international interbank messaging standard. It also plans to add bitcoin, ether and solana, which it described as core infrastructure in the digital asset market.

Gratus Reserve V also cited as a driver that interest in digital assets is expanding from a bitcoin focus to high-throughput layer-1 networks and blockchains compatible with traditional financial systems. It pointed in particular to moves this year by large on-chain addresses to accumulate major altcoins, including XRP, for the long term.

It also drew attention to how it plans to give retail investors access to an institutional-style digital asset strategy. Gratus Reserve V is pursuing the use of Regulation A Tier 2. If approved, a structure could be put in place under certain requirements that would allow ordinary retail investors to invest in the fund.

The solicitation of investors and the sale of fund stakes have not yet begun. It is at a preliminary stage under SEC review, so formal approval is needed before any sales are possible.

Requirements to protect investors would also apply after regulatory approval. Gratus Reserve V would have to regularly disclose financial statements that have undergone an external audit. As a result, the fund's digital asset management details and financial condition are expected to be subject to a stricter regulatory and disclosure regime.

The market is watching whether the SEC will accept a corporate treasury-style digital asset strategy that includes XRP and ISO 20022-linked assets as a product for retail investors. If the filing is approved, it could create a new channel for retail investors to gain indirect access to off-exchange liquidity and altcoin-based treasury strategies that have been centred on institutional investors.

Ultimately, the fund's direction depends on whether the SEC approves it. Attention is growing on whether an attempt to bundle XRP and major altcoins into a single institutional-style portfolio for retail investors can lead to a regulated product.