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The path to a spot XRP ETF in the United States is gaining momentum in 2025, with nine major filings currently under review by the US Securities and Exchange Commission (SEC). Following Ripple Labs’ legal victory earlier this year and growing investor appetite for altcoin-based investment products, the XRP ETF conversation is quickly moving to the forefront of crypto finance.
XRP ETF Applications Surge in 2025 as SEC Reviews Nine Proposals
ETFs — exchange-traded funds — offer investors a regulated, secure way to gain exposure to digital assets without managing wallets or private keys. For XRP, a spot ETF would mean institutional access, retail legitimacy, and potentially greater price stability. Unlike Ethereum, which faced a lukewarm reception after its ETF debut due to the lack of staking yield, XRP’s simpler structure may work in its favor. As it doesn’t offer staking to begin with, the ETF experience could be more aligned with how the asset is typically held.
Key Players Behind XRP ETF Applications
Several heavyweight asset managers and crypto-native firms have filed for XRP ETFs. Here’s a closer look at who’s involved and what their strategies indicate:
1. Bitwise
Bitwise submitted the first XRP ETF application on October 2, 2024, in partnership with the Cboe BZX Exchange. The SEC acknowledged the filing on February 18, 2025. Bitwise has experience in crypto index products and was an early mover on Ethereum and Bitcoin ETFs.
2. 21Shares
Filed on November 1, 2024, and acknowledged by the SEC on February 14, 2025, the 21Shares XRP Trust partners with Cboe and uses Coinbase for custody. 21Shares has positioned itself as a leading altcoin ETF issuer in Europe and is expanding aggressively into US markets.
3. Canary Capital
An early applicant (October 8, 2024), Canary Capital filed alongside other Cboe-linked ETF proposals. The SEC has acknowledged the filing, which is still under review.
4. WisdomTree
A known player in Bitcoin and Ethereum ETFs, WisdomTree filed its XRP ETF application with Cboe and Bank of New York Mellon as custodian. The firm’s reputation for institutional-grade products adds credibility to the XRP ETF effort.
5. Grayscale
Rather than starting from scratch, Grayscale aims to convert its existing $1.6 million XRP Trust into an ETF, echoing its successful Bitcoin Trust conversion. The application was filed on January 30, 2025, and lists NYSE Arca as the exchange.
6. CoinShares
Filed on February 19, 2025, CoinShares’ application marked one of the first post-election ETF proposals, signaling greater confidence under the new SEC leadership.
7. ProShares
Famous for its leveraged ETFs, ProShares filed its spot XRP ETF application just before outgoing SEC Chair Gary Gensler left office. While known for futures-based products, this move suggests broader ambitions.
8. Franklin Templeton
On March 11, 2025, the $1.5 trillion asset manager filed an S-1 application with Coinbase Custody and proposed listing on Cboe. The SEC extended its decision window to June 17, a standard procedural delay.
9. Volatility Shares
This March 8, 2025, application proposes both spot and leveraged exposure — a unique hybrid structure. As of early May, it remains unacknowledged by the SEC.
Outside the US, Brazil’s B3 exchange has already approved the Hashdex XRP ETF, making it the only currently tradable XRP ETF globally.
Approval Timelines and What Comes Next
The SEC has not yet approved any spot XRP ETF. Several of the applications were filed just before or during the transition to the new SEC Chair, Paul Atkins, whose stance on crypto is more open than his predecessor. The next major regulatory milestone is the May 8 SEC closed meeting, which may hint at progress — or continued delay.
The Franklin Templeton review deadline of June 17 could become a bellwether. If approved, it may trigger a domino effect for other filings. Historical precedent from Bitcoin and Ethereum ETFs suggests that once one product is greenlit, others follow closely behind.
The potential for a spot XRP ETF goes beyond exposure. According to Standard Chartered, approval could bring $4.4 to $8.3 billion in inflows and push XRP’s price toward $8 by 2026.
“ETF inclusion brings credibility and new capital,” the bank wrote, emphasizing that regulated financial products often signal long-term maturity.
A key difference this time is the absence of staking expectations, which hurt Ethereum ETF demand.
“XRP ETF buyers aren’t missing anything by not holding the asset directly,” notes Bloomberg ETF analyst James Seyffart. “That makes it easier to justify ETF-based exposure.”
For risk-averse investors, especially institutions, the ability to hold XRP exposure within a familiar ETF wrapper could be the tipping point. Custody is outsourced to major partners like Coinbase and Bank of New York Mellon, reducing concerns about private keys, wallet hacks, or exchange collapses.
