The cryptocurrency world is abuzz with anticipation as the long-anticipated approval of spot XRP exchange-traded funds (ETFs) inches closer. With the Ripple vs SEC lawsuit nearing resolution, investor confidence in XRP has surged, and major asset managers are positioning themselves at the forefront of what could be a transformative financial product. Drawing insights from industry expert All Things XRP, this article unpacks the current status of all nine pending spot XRP ETF applications, their expected approval timelines, and what this means for investors and the broader digital asset market.
Understanding the XRP ETF Landscape
An exchange-traded fund (ETF) tied to XRP would allow traditional and retail investors to gain exposure to the Ripple-native cryptocurrency without directly holding it. This regulatory milestone could significantly boost liquidity, institutional adoption, and price stability for XRP.
As of early 2025, nine major financial firms have formally submitted applications for spot XRP ETFs, all of which have now passed the initial review stage. The U.S. Securities and Exchange Commission (SEC) has officially acknowledged each filing — a critical first step that signals these proposals are under active consideration.
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- XRP ETF
- spot XRP ETF
- Ripple ETF
- SEC approval
- Bitwise XRP ETF
- Grayscale XRP Trust
- 21Shares
- Canary Capital
These keywords reflect growing search interest around regulatory developments, investment opportunities, and market timing related to XRP-based financial instruments.
Top Asset Managers Expected to Gain Approval in May 2025
According to expert analysis by All Things XRP, the first wave of approvals is likely to occur in May 2025, led by some of the most respected names in digital asset management.
Bitwise
Bitwise, known for its successful Bitcoin and Ethereum ETF filings, submitted its spot XRP ETF application on October 2, 2024. The SEC acknowledged the filing on February 18, 2025, setting a potential approval date of May 18, 2025. Given Bitwise’s strong track record with regulators, many analysts view this as one of the most likely candidates for early approval.
Canary Capital
Canary Capital entered the race on October 8, 2024, with its own spot XRP ETF proposal. Like Bitwise, it received SEC acknowledgment on February 18, 2025. The expected decision window is set for May 22, 2025, aligning with the broader regulatory timeline for similar products.
21Shares
Swiss-based 21Shares — now part of ARK Invest’s ecosystem — filed its application on November 1, 2024 (note: original article incorrectly listed year as 2025), and secured SEC recognition on February 14, 2025. With experience launching multiple crypto ETFs, including those for Bitcoin and Ethereum, 21Shares is well-positioned for approval by May 22, 2025.
Grayscale
Grayscale’s strategy differs slightly: rather than launching a new fund, it seeks to convert its existing XRP Trust into an ETF. The conversion request was filed on January 30, 2025, and acknowledged by the SEC just two weeks later on February 14. If precedent holds — as seen with Grayscale’s successful Bitcoin Trust conversion — approval could come as early as May 21, 2025.
Mid-Year Approvals: WisdomTree and CoinShares Target July–August
While May may mark the beginning of approvals, two prominent players are expected to follow in the summer months.
WisdomTree
WisdomTree filed its XRP ETF application on December 2, 2024, and received SEC acknowledgment on February 19, 2025. With a robust infrastructure for ETF listings and prior experience in digital assets, WisdomTree is projected to gain approval by July 2025.
CoinShares
European digital asset firm CoinShares joined the fray on January 24, 2025. Its application was recognized by the SEC on February 19, placing it on a similar trajectory. Industry observers anticipate a decision by August 2025, potentially expanding European institutional access to U.S.-listed XRP products.
Final Approvals Expected by Year-End
The last three applicants are anticipated to receive final rulings in the latter half of 2025, completing what could become a landmark year for crypto regulation.
ProShares
Best known for launching the first Bitcoin futures ETF, ProShares filed its spot XRP ETF on January 17, 2025, with SEC acknowledgment coming on March 3, 2025. Approval is expected by November 2025, reflecting a slightly longer review period due to compliance considerations.
Volatility Shares
Volatility Shares applied on March 7, 2025 — one of the latest entries — and received SEC recognition on March 24. Despite its later entry, the firm is targeting an approval date by December 2025, aligning with the SEC’s staggered review process.
Franklin Templeton
Global asset manager Franklin Templeton filed its Ripple ETF application on March 11, 2025, and gained SEC acknowledgment on March 27. Given its reputation and deep regulatory engagement, approval is forecasted by December 2025, rounding out a comprehensive wave of institutional-grade XRP investment vehicles.
FAQ: Your Questions About XRP ETFs Answered
Q: What is a spot XRP ETF?
A: A spot XRP ETF directly holds actual XRP tokens and tracks their market price in real time. Unlike futures-based ETFs, it offers direct exposure to the underlying asset without derivatives.
Q: Why does SEC approval matter for XRP ETFs?
A: SEC approval provides regulatory legitimacy, enhances investor protection, and opens doors for inclusion in retirement accounts and institutional portfolios.
Q: Will all nine XRP ETFs be approved?
A: While no outcome is guaranteed, expert All Things XRP predicts full approval by December 2025 — a scenario supported by increasing institutional interest and favorable legal momentum post-Ripple lawsuit.
Q: How could an XRP ETF affect the price of XRP?
A: Historically, ETF approvals (e.g., Bitcoin) have triggered increased demand and upward price pressure. A spot XRP ETF could drive similar effects through enhanced liquidity and broader market access.
Q: Can I invest in an XRP ETF now?
A: Not yet. All applications are pending SEC decisions. However, investors can monitor filings via EDGAR or stay updated through financial news platforms.
Q: Is Grayscale’s approach different from others?
A: Yes. Grayscale aims to convert its pre-existing XRP Trust into an ETF — a path proven successful with GBTC — potentially streamlining the approval process.
The Road Ahead: Implications for Investors and Markets
The potential approval of nine spot XRP ETFs within a single year would represent a seismic shift in crypto finance. It underscores growing regulatory acceptance of digital assets as legitimate investment vehicles.
Moreover, recent whale activity — including large-scale XRP accumulation — suggests that major players are positioning ahead of these developments. Combined with Ripple’s ongoing expansion into global payments and stablecoin initiatives like RLUSD, the ecosystem is gaining momentum beyond speculative trading.
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As the SEC continues its evaluations, transparency, compliance readiness, and market readiness will determine final outcomes. But one thing is clear: the era of institutional-grade XRP investing may be just months away.