Asset manager 21Shares has filed for a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), seeking to list its Core XRP Trust shares on the Cboe BZX Exchange.
The filing, submitted on November 1, specifies that this trust will not provide direct XRP exposure but indirect access to the XRP market for investors. Coinbase Custody Trust Company will act as custodian for the trust’s XRP holdings if approved.
While the SEC has recently approved spot Bitcoin and Ether ETFs, it has yet to decide on spot XRP ETFs, partly due to its ongoing legal dispute with Ripple Labs. In a recent development, a federal court ruled that XRP was not a security in programmatic exchange sales—a ruling the SEC is appealing. Alongside 21Shares, other asset managers, like Bitwise, have also submitted applications for XRP ETFs as interest grows in crypto-linked ETFs.
Additionally, VanEck, 21Shares, and Canary Capital have proposed spot ETFs for other assets, including Solana and Litecoin. The SEC can either delay ETF application decisions or open them to public comments, potentially extending the approval timeline into 2024. With the upcoming U.S. election, some analysts believe leadership changes could impact the SEC’s regulatory stance on crypto assets.
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