Doubt about Reading Project
You should certainly list it, whether it is treated as a big deal or not. It won't have a negative impact. But if it is a formal course with evaluation and a grade, then it probably also shows up on your transcript. In that case, listing it again, probably has less value.
But, in an application for grad study, you could list it as part of your motivation for current study in some appropriate place. Certainly a willingness to learn &quot;beyond the curriculum&quot; is a good thing.