Franklin Templeton is diving headfirst into the crypto ocean, joining the XRP ETF race in the United States. This move marks a significant step as they file for a spot XRP ETF, aiming to track the performance of XRP with holdings securely stored at Coinbase Custody Trust. The filing was made official with the US Securities and Exchange Commission on March 11.
But hold your horses! Just as the excitement was building, the SEC decided to hit the pause button, delaying decisions on several crypto ETF filings, including Grayscale’s ambitious proposal to morph its XRP Trust into an ETF. The crypto community waits with bated breath as the regulatory body takes its sweet time.
Despite the buzz around XRP ETFs, BlackRock, the heavyweight champion of spot Bitcoin ETFs, remains on the sidelines without an XRP-based product filing. This leaves room for other players to make their mark in this burgeoning market.
As of March 12, a total of nine companies have thrown their hats into the XRP ETF ring in the US. Among these are heavy hitters like Bitwise, ProShares, and 21Shares. Bitwise led the charge with their Form S-1 filing on October 2, 2024, paving the way for others to follow suit.
Canary Capital wasn’t far behind, filing for a similar product just days later on October 8, 2024. Meanwhile, 21Shares and WisdomTree joined the fray in late 2024, submitting their filings in November and December, respectively. The race is heating up!
ProShares made a bold entrance in 2025, filing for multiple XRP ETF products with the SEC on January 17. Their lineup includes the ProShares XRP ETF and three additional investment products. The competition is fierce, but there’s more to come.
European crypto investment firm CoinShares made its move in January, while Grayscale is eyeing a transformation of its XRP Trust into an ETF on the New York Stock Exchange by January 30. Volatility Shares from Florida also stepped up with three XRP ETF products filed on March 7.
But wait, there’s more! Beyond dedicated XRP ETFs, some asset managers are including XRP in broader crypto ETF products. REX-Osprey filed for an “ETF Opportunities Trust” on January 21, featuring major coins like XRP and Bitcoin alongside memecoins such as Bonk and Official Trump.
Tuttle Capital Management followed a similar path, submitting an ETF opportunities trust filing that includes daily target ETFs covering assets like XRP and Melania. The landscape is expanding rapidly!
While BlackRock remains conspicuously absent from the XRP ETF scene, other major players like Invesco, VanEck, ARK Invest, Fidelity Investments, and Galaxy Digital have yet to make their move. The crypto world watches closely for their next steps.
In this thrilling race for XRP ETF dominance, who will emerge victorious? As the SEC deliberates and new players enter the arena, the future of XRP ETFs hangs in the balance. Stay tuned for more updates as this crypto saga unfolds!
