After Bitcoin and Ether, Companies Are Now Pushing to List Spot XRP Exchange-Traded Funds (ETFs) on US Stock Exchanges

The crypto asset manager previously converted its Bitcoin and Ethereum investment trusts into ETFs listed on public exchanges. Now, it is doing the same with XRP.

Major crypto news outlet Blockworks reported on Friday that several companies are making a final push to list spot XRP exchange-traded funds (ETFs) on US stock exchanges.

The report comes as Grayscale Investments filed an application with the Securities and Exchange Commission (SEC) to convert its XRP Trust into an ETF. If approved, the XRP ETF will be listed on the New York Stock Exchange (NYSE).

Grayscale is known for its crypto asset management services, and it previously converted its Bitcoin and Ethereum investment trusts into ETFs that are listed on public exchanges. Now, the company is following a similar strategy with XRP.

The crypto asset manager operates its XRP Trust as a Delaware statutory trust. As of Friday, it manages over $16 million in XRP.

The proposed ETF will primarily hold XRP, tracking the token’s price returns (after accounting for operational fees) and offering investors direct exposure to XRP's performance.

CoinShares and Bitwise are two other companies that have filed for XRP-based ETFs. Both companies filed S-1 registrations with the SEC, but the regulator is yet to make a decision on these applications.

Several companies are also pushing for the approval of Solana and Dogecoin spot ETFs.

The SEC took years to approve spot Bitcoin ETFs, but the simultaneous approval of 11 spot Bitcoin ETFs opened the door for such mainstream crypto products. Within months, approval for spot Ether ETFs followed.

Now, companies are looking to introduce more spot crypto ETFs into the mainstream market.

The approval of spot Bitcoin ETFs was a major win for the crypto industry and signaled a shift in the regulatory landscape. Now, the industry is eagerly awaiting the approval of spot XRP ETFs.

While the SEC is yet to approve any spot crypto ETFs, several companies are making a final push to list XRP ETFs on US stock exchanges. Grayscale, CoinShares, and Bitwise are among the companies that have filed for XRP-based ETFs.

The applications come as the SEC is yet to decide on several spot crypto ETF applications. Companies are also pushing for the approval of Solana and Dogecoin spot ETFs.

Earlier this year, the SEC approved 11 spot Bitcoin ETFs, opening the floodgates for such mainstream crypto products. Within months, approval for spot Ether ETFs followed.

Now, companies are considering listing other spot crypto ETFs, hoping to capitalize on the growing demand for digital assets and the SEC’s recent openness to approving such products.

After a long battle with the US SEC over the status of the XRP token, which the regulator alleged was an unregistered security, Ripple also faced legal challenges.

A court ruled that XRP offerings to retail customers were legal, but the company faced a $125 million fine over its institutional offerings, which were found to be in violation of US laws. However, the regulator challenged the court’s decision, seeking a higher penalty.

Now, the crypto industry expects progressive policies under a new White House administration. Earlier this month, Ripple Labs President Monica Long stated that a spot XRP ETF could “soon be a reality” under the new US administration.

Also, with Gary Gensler out and a new chair in place, the SEC is expected to drop its fight against Ripple.

Recently, Ripple also secured two more Money Transmitter Licenses from two US states, one from the New York and the other from Texas.