Momentum around a potential XRP exchange-traded fund is building again after two issuers updated their registration filings with the U.S. Securities and Exchange Commission. Fresh amendments from Bitwise Investment Advisers LLC and Canary Capital Group LLC have renewed investor focus on whether XRP could become the next major digital asset to move closer to a regulated ETF structure in the United States.
Bitwise and Canary refresh their XRP ETF proposals
Bitwise submitted Amendment No. 4 to its Form S-1 on Oct. 31 for the proposed Bitwise XRP ETF. The product is intended to list on NYSE Arca under the ticker “XRP”. According to the filing, the trust would hold XRP directly rather than using derivatives, and it would track the CME CF XRP-Dollar Reference Rate – New York Variant, a benchmark administered by CF Benchmarks Ltd.
The filing also provides a more complete picture of the fund’s operating setup. Coinbase Custody Trust Company would serve as custodian, while Bank of New York Mellon would act as administrator and transfer agent. Bitwise disclosed $2.5 million in seed capital from affiliate Bitwise Investment Manager LLC. It also outlined a 0.34% unitary management fee, with that fee waived on the first $500 million in assets during the ETF’s first month of trading. Structurally, the vehicle would be organized as a Delaware statutory trust and would not engage in lending, staking, or yield-generating activities, underscoring its role as a passive spot XRP exposure product.
Canary Capital also moved its proposal forward. On Oct. 24, the firm filed a pre-effective Amendment No. 3 to its Form S-1 for the proposed Canary XRP ETF, which aims to list on Nasdaq under the ticker “XRPC”. Like Bitwise’s product, the fund would hold XRP directly. For valuation, it would rely on the Coindesk XRP CCIXber 60m New York Rate.
Canary’s filing identifies Gemini Trust Company and Bitgo Trust Company as custodians for the XRP holdings, while U.S. Bancorp Fund Services would serve as administrator and transfer agent. Together, these updates are being read by the market as evidence that XRP ETF proposals are progressing through a more mature phase of the registration process.
Why the filings matter to the market
The significance of these amendments lies less in a single procedural step and more in what they represent. Updated S-1 filings often indicate that issuers are continuing to refine product structures, disclosure language, operational safeguards, and compliance details as part of the broader regulatory review process. In practical terms, investors now have clearer information on how these proposed XRP products would be benchmarked, how the underlying assets would be safeguarded, and what fee structures might apply if the funds eventually launch.
The timing has also amplified the reaction. The filings arrived amid rising interest in digital-asset investment vehicles and shortly after the successful debut of Bitwise’s Solana ETF (BSOL), which helped revive enthusiasm for crypto fund products. That backdrop has encouraged speculation that XRP could be next in line among large-cap digital assets seeking broader institutional access through an ETF wrapper.
XRP’s institutional case remains central to the narrative
Part of the optimism stems from XRP’s existing market identity. Market observers cited in the source material point to XRP’s longstanding role in global payments and its reputation for low-cost transactions as factors that could support broader adoption. In that context, an XRP ETF would not simply be another crypto listing; it would be another test of how far regulated investment channels can expand beyond bitcoin and ethereum.
If approved, such a product could serve several purposes at once. It could offer traditional investors a regulated way to gain exposure to XRP without directly handling wallets or custody. It could also deepen the asset’s visibility among advisers, platforms, and institutions that prefer exchange-traded structures over direct token purchases. Most importantly, it would mark another step in integrating digital assets into conventional market infrastructure.
Product design details may influence investor reception
The amended filings also show how issuers are trying to make these products operationally familiar to institutional investors. Direct holding structures, named custodians, benchmark rates, and clearly disclosed fees are all critical components for market acceptance. Bitwise’s emphasis on a passive structure with no staking, lending, or yield generation may appeal to investors who want a straightforward spot-exposure vehicle. The temporary fee waiver on the first $500 million of assets during the first month of trading may also be seen as a competitive move to attract early capital if the ETF reaches market.
Canary, meanwhile, offers a slightly different framework through its listing venue, ticker, benchmark source, and custody lineup. Those distinctions matter because ETF competition in crypto increasingly depends not only on regulatory approval, but also on operational trust, liquidity support, pricing methodology, and post-launch distribution strategy.
Progress does not equal approval
Despite the growing enthusiasm, the current stage should not be mistaken for a final regulatory decision. The filings indicate forward movement, but they do not mean either ETF has been approved. SEC review can involve multiple rounds of revisions, clarifications, and procedural steps before a product becomes effective for launch. For now, the market is reacting to signs of momentum rather than a completed outcome.
That distinction is especially important in crypto markets, where headline-driven sentiment can move quickly. Investors following the XRP ETF story will likely focus on future regulatory responses, additional filing updates, exchange-related approvals, and any further disclosures from the issuers. The structure of the products, including custody, valuation methodology, and restrictions on fund activities, will remain central to assessing both risk and institutional appeal.
A key test for the next phase of crypto ETFs
Even without a final approval, the latest amendments have reinforced one broader conclusion: XRP is now firmly in the conversation as a serious ETF candidate. The proposals from Bitwise and Canary suggest that the asset is being positioned for a larger role in the next chapter of crypto’s institutional expansion. After bitcoin and ethereum established the benchmark for regulated crypto investment products, the market is increasingly looking for the next asset class to make that leap.
Whether XRP becomes that next breakthrough will depend on regulatory outcomes still ahead. But with two active issuers refining detailed ETF structures and investor attention returning to digital-asset funds, XRP’s ETF narrative has moved beyond speculation alone. It is now a live regulatory and market story—one with potentially meaningful implications for the evolution of crypto investing in traditional finance.