Regulatory updates and pro-crypto support have encouraged US asset managers to expand offerings beyond BTC and ETH.
21Shares filed an 8(a) form with the Securities and Exchange Commission (SEC) on Friday, which sets a 20-day clock for automatic approval if the regulator does not intervene.
Bloomberg senior ETF analyst Eric Balchunas confirmed the submission on X, writing “21Shares just dropped an 8(a) for their spot XRP ETF… 20 day clock in effect.”
US SEC records show 21Shares made amendment No. 3 to the S-1 registration statement, which governs the launch of new ETFs under US law. It has started a 20-day timer for the regulator to respond, which means the traded fund could go live by November 27 with no word from the SEC.
21Shares ETF clock starts
The proposed 21Shares XRP ETF, referred to as the “Trust,” is structured as an investment vehicle tracking the performance of XRP, using the CME CF XRP Dollar Reference Rate New York Variant (XRPUSD_NY) as its pricing benchmark. The Trust does not pursue speculative trading strategies, leverage, or derivative instruments.
The ETF is designed to issue common shares of beneficial interest, anticipated to be listed on the Cboe BZX Exchange. Investors purchasing shares in the Trust would be exposed to XRP price movements without the Fund speculating on short-term market fluctuations.
According to the S-1 prospectus filed on November 1, 21Shares US LLC will become the initial seed creation investor, purchasing the first baskets of 10,000 shares, which the Trust will then use to acquire XRP for the ETF, to be held by designated XRP custodians.
The initial seed creation investor may redeem or sell shares to third parties in the weeks after the listing to create early trading activity and liquidity.
21Shares also filed an S-1 with the SEC for a fund tracking the Hyperliquid token (HYPE) towards the end of October, currently under review by the SEC. If approved, the Zurich and New York-based financial firm would become the first US asset manager to launch a leveraged ETF tracking a DeFi protocol’s perpetual market performance.
Spot XRP ETF filing spree in ‘dark November’
Much like 21Shares, several companies have made changes to their previous S-1 filings within the last 2 weeks to cut short the approval process of the SEC. Franklin Templeton recently listed its XRP ETF on the Depository Trust & Clearing Corporation (DTCC) website under the ticker XRPZ. Cryptopolitan reported the listing early Friday, though the move is preparatory and does not indicate SEC approval or active trading.
Grayscale Investments also adjusted its XRP ETF filings last week, while Bitwise submitted an 8(a) filing with the SEC for a spot Dogecoin (DOGE) ETF on Friday.
The filing comes after the SEC delayed Bitwise’s application in June, following a separate postponement of Grayscale’s DOGE Trust filing. Bitwise’s S-1 and 19b-4 forms revealed DOGE is the primary asset for the fund, with its Net Asset Value (NAV) calculated based on the CF Dogecoin-Dollar Settlement Price.
Bitwise has experience successfully launching crypto ETFs, including its staking Solana product, which has attracted over $500 million in assets. According to Balchunas, the Dogecoin ETF could begin trading within the next 20 days if the SEC allows the automatic approval process to run its course.
The SEC introduced general listing standards in mid-September for spot crypto ETFs, cutting review periods from 240 days to just 75 days. The regulatory adjustments have come under the watch of new chair Paul Atkins, who is part of the changes the US President Donald Trump’s administration touted to front it pro-crypto policies.
The US financial watchdog under former chair Gary Gensler had only greenlighted spot crypto ETFs for Bitcoin and Ethereum, but asset managers are now using much favorable conditions and laws to extend their offerings to tokens like Solana, XRP, and assets from the derivatives trading platform Hyperliquid.
XRP is currently trading at $2.32 on Bitstamp, climbing 4.2% in the last 24 hours, although it has lost over 7% of its value over the week, according to early Saturday updates from CoinGecko.
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