'Very good sign': Grayscale, Bitwise, and more file amendments for spot XRP ETF proposals
Quick Take
- A handful of asset managers filed S-1 amendments for a spot XRP ETF on Friday, another sign that finance firms are eager to get the SEC’s approval to offer the funds.
- Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree filed updated statements.
Asset managers Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree on Friday all filed updated statements for their proposed spot XRP exchange-traded funds, another sign that finance firms are eager to get the SEC's approval to list.
Analysts take the cluster of filings as a sign that asset managers are responding to feedback from the regulatory agency. The U.S. Securities and Exchange Commission has yet to approve a spot XRP ETF, though both spot and futures-based funds have been proposed, according to The Block's XRP ETF Tracker.
"[The filings were] almost certainly due to feedback from SEC," Bloomberg ETF analyst James Seyffart wrote on X. "Good sign, but also mostly expected."
The updated filings appear to change the structure of some of the funds to allow for XRP or cash creations and cash or in-kind redemptions, rather than simply cash creations and redemptions.
NovaDius Wealth president Nate Geraci echoed the sentiment.
"Highly notable to see them cluster like this," Geraci wrote on X. "Very good sign IMO."
Notably, though BlackRock manages the world's largest spot Ethereum and Bitcoin ETF, the asset manager has not filed for an XRP ETF. BlackRock told The Block earlier in August that it does not have any current plans to launch an XRP fund.
Amid the broad market rally on Friday, the price of XRP was up 7% to $3.08 at publication time.
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