Six prominent asset management firms — Bitwise, Canary Capital, CoinShares, Franklin Templeton, 21Shares, and WisdomTree — have filed amendments to their S-1 registration statements with the U.S. Securities and Exchange Commission (SEC) for spot XRP exchange-traded funds (ETFs). In a separate but equally significant move, Grayscale submitted a new S-1 filing for its upcoming Grayscale XRP Trust ETF, signaling renewed momentum and growing competition in the race to bring XRP-focused investment products to market.
A Coordinated Push for XRP ETF Approval
These filings appear to be part of a coordinated effort among asset managers, all aiming to secure early positioning ahead of potential SEC approval. The surge in interest comes on the heels of a broader trend in the crypto investment space, where firms have already launched or are preparing products centered around Bitcoin and Ethereum. The strategic focus on XRP suggests that institutional demand for regulated crypto investment vehicles continues to grow beyond just the top two cryptocurrencies.
Notably, XRP has remained one of the more controversial digital assets due to its legal battles with the SEC. However, with the court ruling earlier this year that XRP is not a security when sold to the general public, the regulatory landscape for XRP is now looking more favorable — encouraging traditional finance players to step in.
Bullish Sentiment Grows After Powell’s Rate Cut Hints
Investor optimism received an added boost following remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium. Powell hinted at possible interest rate cuts, which sparked a rally in risk-on assets, including cryptocurrencies. This dovish shift in tone provided the perfect backdrop for Friday’s XRP ETF filings, further fueling bullish sentiment in the digital asset market.
With growing institutional interest, regulatory clarity around XRP improving, and macroeconomic tailwinds potentially supporting crypto markets, the race for the first spot XRP ETF approval could mark the beginning of a new chapter for both XRP and the broader crypto investment landscape.
