The race to launch the first spot XRP exchange-traded fund (ETF) has taken a significant leap forward. In late October, both Bitwise Investment Advisers LLC and Canary Capital Group LLC submitted amended S-1 registration statements with the U.S. Securities and Exchange Commission (SEC), marking the most concrete progress yet toward listing XRP on major U.S. exchanges. The filings come on the heels of the successful debut of Bitwise's Solana ETF (BSOL), which reignited investor enthusiasm for digital asset funds and positioned XRP as the next likely candidate for institutional adoption.
Bitwise XRP ETF: Low Fees with Coinbase Custody
Bitwise filed Amendment No. 4 to its Form S-1 on Oct. 31, 2025, for the Bitwise XRP ETF. The fund will be listed on NYSE Arca under the ticker “XRP.” It is structured as a Delaware statutory trust and will hold XRP directly. Valuation will be based on the CME CF XRP–Dollar Reference Rate–New York Variant, administered by CF Benchmarks Ltd. Coinbase Custody Trust Company will serve as custodian, while The Bank of New York Mellon will handle administrative and transfer agent duties.
The filing reveals that Bitwise has seeded the fund with USD 2.5 million from its affiliate Bitwise Investment Manager LLC. The management fee is set at 0.34% — a competitive rate among crypto ETFs — and will be waived on the first USD 500 million in assets during the first month of trading. Critically, the trust will not engage in lending, staking, or yield generation activities, providing investors with pure spot price exposure to XRP.
Canary Capital XRP ETF: Dual Custody on Nasdaq
Canary Capital Group LLC submitted a pre-effective Amendment No. 3 to its Form S-1 on Oct. 24. Its Canary XRP ETF is slated to list on Nasdaq under the ticker “XRPC.” The trust will hold XRP and be valued using the CoinDesk XRP CCIXber 60m New York Rate. In a notable difference from Bitwise’s proposal, Canary has appointed two custodians: Gemini Trust Company and Bitgo Trust Company. U.S. Bancorp Fund Services will act as administrator and transfer agent.
While Canary has not yet disclosed its final management fee in the amendment, the fund structure also prohibits lending, staking, or yield generation. Both issuers emphasize that their ETFs will comply fully with SEC requirements for custody and asset segregation, a key point given the regulator’s historical scrutiny of XRP.
Market Context: Solana ETF Success Paves the Way
The flurry of XRP ETF filings follows the successful launch of Bitwise’s Solana ETF (BSOL) in October 2025, which attracted significant institutional inflows and demonstrated that demand exists beyond Bitcoin and Ethereum. Analysts now view XRP as the next logical asset for ETF conversion due to its established role in global payments, low transaction costs, and large market capitalization.
The SEC has already approved spot ETFs for Bitcoin and Ether, and the Solana ETF approval signaled a more permissive stance toward altcoin ETFs. XRP’s legal clarity — after the SEC dropped its case against Ripple in 2024 — removes a major regulatory barrier. Current projections suggest that if the SEC declares the S-1 effective within the standard 60–90 day review period, XRP ETFs could begin trading as early as the first quarter of 2026.
FAQ
- What triggered renewed investor interest in XRP ETFs?
The filing of amended S-1 forms by Bitwise and Canary Capital in late October demonstrated concrete regulatory progress, while the successful Solana ETF launch boosted market confidence. - How is Bitwise’s XRP ETF structured?
As a Delaware statutory trust holding XRP directly, tracked via the CME CF XRP Reference Rate, with Coinbase Custody as custodian, BNY Mellon as administrator, and a 0.34% management fee (waived on the first USD 500 million for the first month). No lending or staking. - What distinguishes Canary Capital’s XRP ETF proposal?
It will list on Nasdaq under “XRPC,” use Gemini and Bitgo as joint custodians, and benchmark against the CoinDesk XRP CCIX rate, offering an alternative structure for investors. - Why do analysts see XRP ETF as a key institutional milestone?
XRP’s real-world use in payments, low costs, and the legal resolution of its securities status, combined with the precedent of Bitcoin, Ether, and Solana ETFs, positions it to attract substantial regulated capital.