Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree filed updated documents regarding their spot XRP exchange-traded fund (ETF) applications on Friday.
Analysts interpret this move as an effort by asset management companies to become more compliant with the process to gain approval from the U.S. Securities and Exchange Commission (SEC).
The SEC has yet to approve a spot XRP ETF. Data shows that applications have been filed for both spot and futures-based funds. “I would say these applications were almost certainly made in response to feedback from the SEC,” Bloomberg ETF analyst James Seyffart said on the X platform. “It's a good sign, but it was largely expected.”
The new regulations appear to have changed the structure of the funds, allowing for creation with XRP or cash, and cash or in-kind returns, rather than cash-only transactions.
NovaDius Wealth President Nate Geraci commented on the development, saying, “It’s quite remarkable, it’s a very good sign that they’re all taking such a step at the same time.”
On the other hand, BlackRock, which manages the world's largest spot Ethereum and Bitcoin ETFs, did not submit any application for the XRP ETF.
*This is not investment advice.
