- Grayscale, Bitwise, and five others filed amended S-1 statements for spot XRP ETFs.
- Filings now allow XRP or cash creations and cash or in-kind redemptions.
- SEC review continues as XRP price rose 7% to $3.08 during the filings.
A group of major asset managers filed updated S-1 statements on Friday for proposed spot XRP exchange-traded funds. The filings came from Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree. The amendments show continued activity around the applications as firms respond to ongoing discussions with the Securities and Exchange Commission.
Details of the Amendments
The amended filings appear to adjust how creations and redemptions may occur for the proposed funds. Several applications now include structures that allow either XRP or cash creations, as well as cash or in-kind redemptions. Earlier versions had only permitted cash-based processes. The updated language aligns with mechanisms previously seen in filings for other spot digital asset funds.
These changes arrive while the SEC continues to review all pending applications for a spot XRP ETF. The regulator has not yet approved any spot fund tied directly to the token. Futures-based proposals remain under review alongside the spot filings, but Friday’s cluster of amendments drew attention for their timing and consistency.
Market and Analyst Reactions
Bloomberg ETF analyst James Seyffart described the coordinated filings as almost certainly a response to SEC feedback. He wrote on X that the updates represented an expected step in the process. Nate Geraci, president of NovaDius Wealth, also noted the significance of the asset managers filing on the same day.
The filings came during a broader crypto market rally on Friday. XRP traded at $3.08 at the time of publication, marking a daily increase of about 7 percent. The token’s price movement added further attention to the developments around the proposed exchange-traded products.
BlackRock’s Position Revealed
Notably absent from the list of filers was BlackRock, which currently manages the world’s largest spot Bitcoin and Ethereum ETFs. The company confirmed earlier in August that it has no plans to pursue an XRP-based product at this time. BlackRock’s absence distinguishes its stance from peers that continue to pursue SEC approval for funds tied directly to the token.
The SEC has yet to provide any decision on the pending XRP fund applications. The regulator’s evaluation process continues as asset managers file amendments and adjust structures to meet requirements. The recent filings add another step in what has become a lengthy review period for proposed digital asset investment vehicles.
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