XRP ETFs: SEC’s Delays & Billion-Dollar Hopes 🚀

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In the vast expanse of the financial world, where the sun of innovation rises and sets with the whims of regulators, a tale unfolds of eleven spot XRP ETF proposals, each trembling in anticipation of the US Securities and Exchange Commission’s (SEC) verdict. Ah, the SEC, that paragon of efficiency, whose decisions could unlock billions, as if the mere act of approval were a magical incantation to transform XRP into a titan rivaling Bitcoin or Ethereum. 🧠💸

Full List of XRP ETF Filing

Data collected by Bloomberg Intelligence. 

  1. ProShares Ultra XRP ETF (only approved application so far)
  • Application filed on January 17, 2025, and the SEC approved for listing on the NYSE Arca in mid-July 2025. 🦁
  • The ETF subsequently launched on July 18, 2025, providing 2x leveraged exposure to XRP futures. A spectacle of risk, akin to a tightrope walker juggling flaming torches. 🔥
  1. Grayscale XRP ETF
  • Prospectus filed September 5, 2024. Form 19b-1 submitted on January 30, 2025. 
  • First deadline- April 6, 2025; Second deadline- May 21, 2025; Third deadline- August 19, 2025. 
  • The SEC’s final decision is expected to be made on October 18, 2025. A date as certain as the sunrise, yet as elusive as a mirage. ☀️
  1. Grayscale Avalanche Trust for XRP
  • Application filed on August 25, 2025, to convert its XRP Trust to an ETF.  Form 19b-1 submitted on March 25, 2025.
  • First deadline- May 31, 2025; Second deadline- July 15, 2025; Third deadline- October 13, 2025. 
  • The SEC’s final decision is expected to be made on December 12, 2025. A Christmas gift for investors, if they’re lucky. 🎁
  1. 21Shares XRP ETF
  • Prospectus filed on November 1, 2024. Form 19b-4 to register its Core XRP Trust shares for listing on the Cboe BZX Exchange was submitted on February 6, 2025. 
  • First deadline- April 7, 2025; second deadline- May 22, 2025; third deadline- August 20, 2025. 
  • SEC officially acknowledged the application on February 19. Final decision on approve or disapprove will be made on October 19, 2025. A suspenseful cliffhanger, much like a Tolstoy novel. 📖
  1. Bitwise
  • Prospectus filed on October 2, 2024, via Form S-1 to launch a spot XRP ETF that would hold XRP directly. Form 19b-4 submitted on February 6, 2025. 
  • First deadline- April 7, 2025, second deadline- May 25, 2025, third deadline- August 23, 2025. 
  • SEC officially acknowledged the application on February 19. Final decision on approve or disapprove will be made on October 20, 2025. A date as precise as a pendulum. ⏳
  1. Canary Capital
  • Application filed on October 8, 2024, via Form S-1 to launch a spot XRP ETF. It allows investors to have direct exposure to XRP’s price without needing to buy, hold, or manage the cryptocurrency themselves. Form 19b-4 submitted on February 6, 2025.
  • First deadline- April 11, 2025, second deadline- May 26, 2025; third deadline- August 24, 2025. 
  • SEC officially acknowledged the application on February 19. Final decision on approve or disapprove will be made on October 23, 2025. A date that feels like a distant dream. 🌙
  1. WisdomTree
  • Application filed on December 2, 2024, via Form S-1 to launch a spot XRP ETF that directly tracks the price of XRP.  Form 19b-4 submitted on February 6, 2025.
  • First deadline- April 12, 2025; second deadline- May 27, 2025; third deadline- August 25, 2025. 
  • SEC officially acknowledged the application on February 19. Final decision on approve or disapprove will be made on October 25, 2025. A promise of resolution, though the path is fraught. 🧭
  1. CoinShares 
  • Application filed on January 24, 2025, via Form S-1 to launch a spot XRP ETF. This aims to provide investors with regulated, direct exposure to XRP through a traditional exchange-traded fund. Form 19b-4 submitted on February 10, 2025.
  • First deadline- April 11, 2025; second deadline- May 26, 2025; third deadline- August 24, 2025. 
  • SEC officially acknowledged the application on February 19. Final decision on approve or disapprove will be made on October 23, 2025. A date as inevitable as the tides. 🌊
  1. Franklin Templeton 
  • Prospectus filed on March 11, 2025, via Form S-1  to provide a regulated institutional investment vehicle that directly holds XRP tokens. Form 19b-4 submitted on March 13, 2025.
  • First deadline- May 3, 2025; second deadline- June 17, 2025; third deadline- September 15, 2025. 
  • The final deadline for approval or disapproval is expected on  November 14, 2025. A finale that may leave investors in suspense. 🎭
  1. Rex & Osprey
  • Prospectus filed on January 21, 2025, via Form S-1 to launch a spot XRP ETF that holds XRP tokens directly. Form 19b-4 submitted on March 13, 2025.
  • The SEC was expected to make a decision on July 25, but it got delayed, allowing more time to review before granting approval. A delay as frustrating as a broken clock. ⏳
  1.  Volatility Shares XRP ETF 
  • Application filed on May 21, 2025, via  Form N-1A Post-Effective Amendment registration. It plans to launch both a 1x XRP futures ETF and a 2x leveraged XRP futures ETF. 
  • Volatility Shares has filed for three distinct XRP ETFs: a spot XRP ETF, a 2x leveraged XRP ETF, and an inverse -1x XRP ETF. A trifecta of risk, much like a Russian roulette. 🎲
  • The SEC’s decision timeline was scheduled for July 2025, but was later delayed. A delay that mocks the very notion of punctuality. 🕒

Note: Cboe BZX Exchange filed 19b-4 forms on behalf of Bitwise, 21Shares, Wisdom Tree, Franklin Templeton, and Canary Capital to list and trade a spot exchange-traded product that tracks XRP. A dance of bureaucracy, as ever. 🕺

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2025-08-29 14:15