The race for an XRP exchange-traded fund (ETF) in the United States is heating up, with Franklin Templeton becoming the latest major asset manager to file for a spot XRP ETF. The firm’s official SEC filing on March 11 confirms that the ETF will track XRP’s price movements, with holdings stored at Coinbase Custody Trust.
SEC Delays XRP ETF Decisions as Competition Increases
Despite the increasing number of XRP ETF applications, the SEC has postponed its decision on several filings, including Grayscale’s attempt to convert its XRP Trust into an ETF. Meanwhile, BlackRock, the issuer of the largest spot Bitcoin ETF, has not yet filed for an XRP-based product, leaving speculation on whether it will join the trend.
Who Has Filed for an XRP ETF?
As of March 12, 2025, at least nine companies have submitted filings for XRP ETFs, including:
- Bitwise – The first to file a Form S-1 on October 2, 2024
- Canary Capital – Filed on October 8, 2024
- 21Shares & WisdomTree – Filed in late 2024
- ProShares – Submitted multiple XRP ETF filings on January 17, 2025
- CoinShares – Entered the race in January 2025
- Grayscale – Filed to convert its XRP Trust into an ETF on January 30, 2025
- Volatility Shares – Filed three XRP ETF products on March 7, 2025
XRP’s Inclusion in Multi-Asset ETFs
Some firms have opted to include XRP in broader crypto ETF products rather than launching a dedicated XRP ETF, such as:
- REX-Osprey – Filed on January 21, 2025, covering XRP, Bitcoin, Bonk (BONK), and Official Trump (TRUMP)
- Tuttle Capital Management – Filed an ETF opportunities trust covering XRP and Melania (MELANIA)
Will BlackRock and Other Major Firms Join the XRP ETF Race?
While leading crypto ETF issuers like Invesco, VanEck, ARK Invest, Fidelity Investments, and Galaxy Digital have not yet filed for an XRP ETF, growing institutional demand could push them to enter the space. As SEC decisions loom, the XRP ETF market is shaping up to be a pivotal battleground for institutional crypto adoption.
