Introduction
In recent months, interest in cryptocurrency ETFs has surged, with particular attention to XRP, one of the most important digital assets in the market. As the Ripple-SEC lawsuit nears its resolution, several asset managers are seeking approval for an XRP-based ETF.
Market Developments and Regulatory Context
The legal battle between Ripple and the SEC has created uncertainty around XRP in the United States, slowing down ETF approvals. However, with Bitcoin ETFs now approved and growing institutional interest in regulated digital asset products, multiple issuers have submitted applications for XRP exchange-traded funds.
Complete List of XRP ETF Applications
Bitwise Asset Management – Application submitted on October 2, 2024
Bitwise is one of the leading asset managers in the cryptocurrency sector. Its XRP ETF was among the first officially filed in 2024, aiming to provide a regulated investment vehicle for institutional investors. Bitwise has already successfully launched Bitcoin and Ethereum ETFs, adding credibility to its proposal.
Canary Capital – Application filed on October 8, 2024
Canary Capital is an emerging player in the digital asset investment space. Its XRP ETF aims to offer diversified exposure to both institutional and retail investors, capitalizing on the growing demand for regulated cryptocurrency investment products.
21Shares – Application registered in November 2024
21Shares is one of the most active companies in the cryptocurrency ETF space, with multiple products already available in Europe. Its XRP ETF application signals strong market interest and could pave the way for further approvals in various jurisdictions.
WisdomTree – XRP ETF application filed in December 2024
WisdomTree has previous experience launching Bitcoin and Ethereum ETFs. The firm has submitted its XRP ETF application to the SEC, targeting institutional investors and anticipating the potential resolution of the Ripple-SEC lawsuit.
ProShares – Four different XRP ETF applications in January 2025
ProShares is known for its innovative ETFs, including leveraged and inverse funds. The firm has filed four separate applications for XRP ETFs, suggesting diversified strategies to attract different investor segments.
CoinShares – XRP ETF application submitted in January 2025
CoinShares is one of the leading digital asset fund managers in Europe. Its XRP ETF could be among the first to gain approval in the region, providing regulated access to investors across multiple countries.
Grayscale Investments – Proposal to convert XRP Trust into an ETF in January 2025
Grayscale has already converted its Bitcoin Trust into an ETF and is looking to replicate this success with XRP. The transition from a trust to an ETF would significantly improve liquidity and transparency for investors.
Volatility Shares – Three XRP ETF applications filed on March 7, 2025
Volatility Shares has submitted applications for three different XRP ETFs: a spot ETF, a 2x leveraged ETF, and a -1x inverse ETF. If approved, these products would offer diverse trading opportunities for investors.
Franklin Templeton – Recently submitted an XRP ETF application
Investment giant Franklin Templeton has recently filed an application for an XRP ETF, signaling that major asset managers are seriously considering digital assets in their portfolios.
Tuttle Capital Management – XRP ETF included in a trust with ten products
Tuttle Capital’s strategy involves creating a trust containing ten ETFs on different cryptocurrencies, including XRP. This approach could provide diversified risk exposure and potentially facilitate regulatory approval.
REX-Osprey – XRP included in a multi-crypto trust
REX-Osprey has followed a similar strategy to Tuttle Capital, incorporating XRP within a multi-crypto trust. The objective is to offer investors balanced exposure to leading cryptocurrencies.
Hashdex – First XRP ETF approved in Brazil
Hashdex was the first company to receive approval for an XRP ETF, though in Brazil. This demonstrates that other countries are ahead of the United States in regulating such investment products.
CoinShares (Europe) – XRP ETF available for European investors
CoinShares already offers an XRP ETF for European investors. This fund could serve as a model for future applications in the United States.
BlackRock – No official application yet, but increasing interest
BlackRock has not yet filed for an XRP ETF, but its recent expansion into cryptocurrency investments suggests that it may only be a matter of time before it enters this market.
Invesco – Potential future development
Invesco already has several cryptocurrency-related products and may consider launching an XRP ETF in the future. However, there are no official filings at this time.
Ripple-SEC Case and Its Impact on XRP ETFs
The SEC has historically been hesitant to approve cryptocurrency ETFs, but with the approval of Bitcoin ETFs, there is growing optimism for an XRP ETF. The final verdict in the Ripple-SEC lawsuit could be a decisive factor in the SEC’s stance on these funds.
Conclusion
The increasing demand for XRP ETFs reflects strong institutional interest in the asset. With the Ripple-SEC lawsuit nearing its conclusion, 2025 could be the breakthrough year for an XRP ETF in the United States.