Four asset managers are seeking approval to offer the first XRP exchange-traded funds (ETFs) in the United States.
Several asset managers have applied for spot ETFs involving XRP, the third largest cryptocurrency by market cap, according to recent filings.
WisdomTree filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on Dec. 2, outlining plans to create shares of an exchange-traded fund. The fund would hold XRP and provide exposure to the token’s price.
WisdomTree aims to list the fund on the Cboe BZX Exchange. According to the filing, WisdomTree Digital Commodity Services would act as sponsor, Delaware Trust Company would act as trustee, and BNY Mellon would act as administrator.
At least three other firms have applied for similar ETFs in recent weeks and months. Bitwise submitted its S-1 registration statement on Oct. 2. Canary Capital filed its registration statement on Oct. 9, and 21Shares filed on Nov. 1.
21Shares and Bitwise listed Coinbase Custody in custodial roles. WisdomTree and Canary Capital did not name custodians in their filings.
Each company is otherwise involved with crypto ETFs. WisdomTree, 21Shares, and Bitwise began to offer spot Bitcoin ETFs in January 2024. Bitwise and 21Shares also offered spot Ethereum ETFs months later in July.
So far, no company has launched a spot XRP ETF in the United States, meaning that the asset managers above could be the first to do so.
Though the SEC rejected spot crypto ETFs for several years, its recent approvals of Bitcoin and Ethereum crypto ETFs could pave the way for more approvals.
Additionally, SEC chair Gary Gensler, known for his critical stance on crypto, is set to step down in January. Though Gensler voted in favor of Bitcoin ETFs, U.S. president-elect Donald Trump is expected to choose an SEC chair with a stronger pro-crypto stance, potentially leading the agency to be friendlier to crypto-related applications.
Outside of the U.S., XRP investments exist. Bitwise offers one European XRP exchange-traded product (ETPs). On Nov. 28, it announced a rebranding and said that Ripple will invest in the product. Ripple is closely involved with XRP.
Other asset managers including 21Shares, CoinShares, and ETC Group also offer XRP ETPs in the European market.
ETFs and ETPs give investors exposure to the price of XRP without the need to use crypto exchanges, tokens, or wallets — an approach that could attract a broad audience including institutional and traditional investors.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
