The race to launch an XRP exchange-traded fund (ETF) in the United States is heating up, with nine asset management firms now in the running. Franklin Templeton became the latest company to file for an XRP ETF on March 11, but financial giant BlackRock has yet to join the competition.

Who Has Filed for an XRP ETF?

As of March 12, nine companies have submitted filings for an XRP ETF with the U.S. Securities and Exchange Commission (SEC). Among them are major players in the crypto investment industry such as Bitwise, ProShares, and 21Shares.

Key Filings for XRP ETFs

  • Bitwise: The first firm to file a Form S-1 for an XRP ETF on October 2, 2024.
  • Canary Capital: Submitted its application on October 8, 2024.
  • 21Shares & WisdomTree: Entered the race in late 2024, filing in November and December, respectively.
  • ProShares: Filed for multiple XRP ETF products, including the ProShares XRP ETF, on January 17, 2025.
  • CoinShares: A European investment firm that applied in January 2025.
  • Grayscale: Proposed converting its XRP Trust into an ETF on January 30, 2025.
  • Volatility Shares: Filed for three XRP ETFs on March 7, 2025, including leveraged and inverse XRP ETFs.
  • Franklin Templeton: The most recent entry, filing on March 11, 2025.

Beyond dedicated XRP ETFs, some asset managers have included XRP in broader crypto investment products:

  • REX-Osprey: Filed for an "ETF Opportunities Trust" on January 21, 2025, which tracks major cryptocurrencies like Bitcoin and XRP, as well as memecoins like Bonk and Official Trump.
  • Tuttle Capital Management: Submitted a similar trust filing featuring 10 different crypto ETFs, including XRP.

Who Has Yet to File?

Despite growing interest in XRP ETFs, some well-known asset managers have not yet entered the race. These include BlackRock, Invesco, VanEck, ARK Invest, Fidelity Investments, and Galaxy Digital. BlackRock, which successfully launched the largest spot Bitcoin ETF, has not made any moves toward an XRP ETF.

The SEC’s stance on XRP remains a critical factor in determining the success of these ETF applications. On March 11, the SEC postponed decisions on multiple crypto ETF filings, including Grayscale’s XRP Trust conversion proposal.

Meanwhile, speculation is growing that the SEC may reclassify XRP as a commodity, similar to Ethereum’s past reclassification. If this happens, XRP could be subject to less stringent regulations, potentially boosting its chances of ETF approval and increasing its market value.

If the SEC moves to reclassify XRP as a commodity, the likelihood of approval for the pending XRP ETF filings would significantly increase. Investors and crypto enthusiasts are closely watching the SEC’s decisions, which could reshape the future of XRP-based investment products.

With major financial institutions stepping into the XRP ETF arena, regulatory clarity will be the key to unlocking new market opportunities for XRP investors.

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