Momentum around a potential XRP exchange-traded fund has picked up again after two asset managers updated their registration documents with the U.S. Securities and Exchange Commission. The latest amendments from Bitwise Investment Advisers LLC and Canary Capital Group LLC have added substance to the market narrative that XRP may be the next major digital asset to move closer to a spot ETF launch in the United States.
The filings do not represent final approval, but they are being interpreted as a meaningful procedural step. In ETF markets, amended S-1 filings often signal that issuers are actively refining product terms, operational arrangements, and disclosure language as they work through the regulatory process. That has helped fuel renewed investor optimism around XRP, especially as institutional demand for regulated crypto exposure continues to broaden beyond bitcoin and ethereum.
Bitwise details structure, benchmark, and fee schedule
Bitwise filed Amendment No. 4 to its Form S-1 on Oct. 31 for the proposed Bitwise XRP ETF, which seeks to list on NYSE Arca under the ticker “XRP”. According to the filing, the trust would hold XRP directly rather than using derivatives or synthetic exposure. Its net asset value would track the CME CF XRP-Dollar Reference Rate – New York Variant, a benchmark administered by CF Benchmarks Ltd.
The filing also outlines the operating framework behind the product. Coinbase Custody Trust Company is named as custodian, while The Bank of New York Mellon would serve as administrator and transfer agent. Bitwise disclosed $2.5 million in seed capital from its affiliate, Bitwise Investment Manager LLC, giving investors a clearer picture of the fund’s initial setup.
On fees, Bitwise said the ETF would charge a 0.34% unitary management fee. That fee would be waived on the first $500 million in assets during the fund’s first month of trading, a provision likely designed to improve the product’s competitive profile at launch. The trust is structured as a Delaware statutory trust and, importantly, the filing states that it would not engage in lending, staking, or yield-generating strategies. That positions the fund as a straightforward vehicle for passive exposure to the spot price of XRP.
Canary advances a parallel proposal for Nasdaq
Canary Capital also moved its application forward, filing a pre-effective Amendment No. 3 to its Form S-1 on Oct. 24 for the proposed Canary XRP ETF. That fund aims to list on Nasdaq under the ticker “XRPC”. Like the Bitwise proposal, the Canary product would hold XRP directly rather than relying on futures-based exposure.
For valuation, Canary said the trust would use the Coindesk XRP CCIXber 60m New York Rate. Custody responsibilities would be split between Gemini Trust Company and Bitgo Trust Company, while U.S. Bancorp Fund Services would act as administrator and transfer agent. These details matter because institutional investors typically pay close attention to benchmark construction, custody resilience, and fund servicing arrangements when assessing regulated crypto products.
Although the Bitwise and Canary structures differ in terms of listing venue, ticker, benchmark methodology, and custody lineup, both proposals share the same broader objective: to create a regulated, exchange-traded wrapper that gives investors direct economic exposure to XRP without requiring them to manage private keys or interact with crypto-native trading infrastructure.
Why the market sees XRP as a strong ETF candidate
The significance of these amended filings extends beyond paperwork. Market participants increasingly view XRP as one of the most plausible candidates for the next wave of crypto ETF expansion. Bitcoin and ethereum have already established the template for institutional adoption through exchange-traded products, and attention has now shifted to which large-cap digital assets could follow.
In that context, XRP has several attributes that supporters believe strengthen its case. The asset has long been associated with cross-border payments and low-cost transaction settlement, giving it a use-case narrative that differs from both bitcoin’s store-of-value positioning and ethereum’s smart contract ecosystem. For ETF issuers, that differentiated profile may help support investor demand from portfolios seeking broader crypto exposure across multiple network types and market themes.
The timing of the amendments has also drawn notice. Both updated filings arrived shortly after the successful debut of Bitwise’s Solana ETF (BSOL), an event that rekindled enthusiasm for digital asset fund products. That launch appears to have reinforced the view that the regulated crypto investment universe may continue expanding, with XRP now widely discussed as a likely contender for the next major listing cycle.
What amended filings do — and do not — mean
Even with sentiment improving, the latest developments should be understood in procedural terms. An amended S-1 is not the same as an approval order, and it does not guarantee that an ETF will begin trading in the near term. Rather, such filings indicate ongoing engagement with the regulatory process, often involving revisions to disclosure, fund mechanics, service provider arrangements, and risk language.
Still, investors often treat repeated amendments as evidence that an issuer is actively advancing toward a launch window rather than allowing an application to remain dormant. In that sense, the Bitwise and Canary updates have strengthened the perception that XRP is moving closer to serious consideration within the ETF framework.
If U.S. regulators ultimately allow one or both products to proceed, XRP would join a small but expanding group of crypto assets available through mainstream brokerage and exchange-traded channels. That would mark another step in the institutionalization of digital assets, broadening access for investors who prefer regulated products over direct token ownership.
For now, the main takeaway is clear: the race to launch an XRP ETF has become more concrete. With detailed disclosures now on record from two separate issuers, the market has more reason to watch XRP’s regulatory path closely in the months ahead.