The competition to launch the first spot XRP exchange-traded fund (ETF) in the United States is reaching a fever pitch. This week, two major asset managers — 21shares US LLC and Franklin Holdings LLC — filed updated Form S-1 registration statements with the U.S. Securities and Exchange Commission (SEC), advancing their respective bids to list XRP-tracking ETFs on national exchanges.
21shares Triggers 20-Day Countdown
Bloomberg Intelligence ETF analyst Eric Balchunas noted on November 7 that 21shares had submitted an 8(a) amendment for its spot XRP ETF, effectively starting a 20-day clock for SEC review. The proposed fund will be listed on the Cboe BZX Exchange and track the CME CF XRP—Dollar Reference Rate — New York Variant, administered by CF Benchmarks Ltd. It will not employ derivatives, leverage, or speculative strategies. Custody responsibilities will be shared among Coinbase Custody Trust Company, Anchorage Digital Bank, and Bitgo Trust Company, with Bank of New York Mellon handling fund administration and net asset value calculations.
Franklin Templeton Enters the Arena
Franklin Holdings LLC (the digital assets arm of Franklin Templeton) filed Amendment No. 3 to its S-1 on November 4 for the Franklin XRP ETF, sponsored by the Franklin XRP Trust. The ETF is expected to list on the NYSE Arca under the ticker “XRPZ” and similarly aims to track the XRP market using the CME CF XRP-Dollar Reference Rate — New York Variant. The back-to-back filings by two prominent issuers highlight the intensifying competition in the XRP ETF segment, driven by robust institutional appetite for regulated crypto products despite ongoing market volatility.
Canary Capital Signals Imminent Launch
Adding to the momentum, Canary Capital CEO Steven McClurg stated this week that he hopes to launch an XRP ETF next week. If successful, the market could see three spot XRP ETFs debut in rapid succession, offering investors diversified access to the fifth-largest cryptocurrency by market capitalization.
The Significance of an XRP ETF
A spot XRP ETF would represent a major step forward for the asset class, which has long faced regulatory uncertainty due to the SEC’s enforcement action against Ripple Labs. Following Ripple’s partial victory in securing a non-securities ruling for programmatic XRP sales in 2023, the legal landscape has become more favorable. The approval of an XRP ETF would not only legitimize XRP as an institutional-grade asset but also unlock significant capital inflows from traditional finance participants who have been waiting for a regulated vehicle.
Industry observers estimate that an XRP ETF could attract billions of dollars in assets under management within the first year, further integrating XRP into mainstream portfolios. The involvement of established custodians like Coinbase, Anchorage Digital, and Bitgo — alongside BNY Mellon’s administrative role — underscores the maturation of the XRP ecosystem. The SEC’s final response will be closely watched as the 20-day clock ticks, with a decision likely by late November 2025.