In recent developments, a number of leading asset management firms have embarked on a significant initiative, submitting amendments to their S-1 filings aimed at launching a spot XRP ETF in the United States. This surge in activity highlights the growing interest among institutional investors to gain approval from the U.S. Securities and Exchange Commission (SEC), aiming to introduce this enticing crypto-based investment option to the market.
Insights Into the Proposed Spot XRP ETF Filings
On August 22, a wave of asset management companies—including notable names like Grayscale, Bitwise, and WisdomTree—filed updated S-1 statements for their respective spot XRP ETFs. Analysts suggest this coordinated effort likely stems from constructive feedback received from the SEC regarding their initial submissions.
According to Bloomberg ETF expert James Seyffart, this latest round of amendments signals responsiveness to regulatory feedback:
Multiple XRP ETF filings are being revised today, likely in response to SEC comments. This is a positive development but also somewhat anticipated.
Nate Geraci, President of the ETF Store, echoed this optimism, pointing out the significance of asset managers collectively revamping their S-1 filings on the same day, which he sees as a favorable sign for the market’s future.
For an ETF to be listed, companies must submit S-1 forms, which outline essential information about the proposed product. Adjustments to these forms are commonplace as new information about the ETF structure emerges. Notably, the recent S-1 amendments reflect changes in the ETF’s operational model, shifting from basic cash transactions to a framework that accommodates both XRP and cash for creations and redemptions.
Interestingly, BlackRock, the largest asset management firm globally and a pioneer in Bitcoin and Ethereum ETFs, has not yet thrown its hat into the ring for spot XRP ETFs. Recently, BlackRock clarified that it does not plan to enter this segment, signaling its current strategic priorities.
XRP’s Current Market Performance
After a tumultuous beginning to the week, the price of XRP fluctuated, dipping below the $3 threshold to around $2.8 on Friday. However, favorable developments—including the dismissal of Ripple’s lawsuit and market reactions to Federal Reserve Chairman Jerome Powell’s recent speech—propelled XRP back above the $3 mark. At the time of this writing, XRP is trading at approximately $3.01, reflecting a notable increase of over 5% in just 24 hours.
