21Shares Files for Spot XRP ETF
Investment firm 21Shares has submitted a request to the U.S. Securities and Exchange Commission (SEC) for approval to launch a spot XRP exchange-traded fund (ETF). This move is part of 21Shares' ongoing efforts to expand U.S. investor access to the cryptocurrency asset class.
The proposed fund, named the 21Shares Core XRP Trust, would be listed on the Cboe BZX Exchange. Coinbase Custody Trust Company is expected to serve as the fund's custodian.
This development comes amidst a growing trend among investment firms to broaden investor access to the cryptocurrency market through ETFs. The SEC's initial approval of crypto ETFs earlier this year has further fueled this trend.
Despite the ongoing legal dispute between Ripple and the SEC, which accuses Ripple of raising $1.3 billion through the sale of XRP, which it considers an unregistered security, other firms like Canary Capital and Bitwise are also applying for spot XRP ETFs.
The recent move by 21Shares indicates the increasing interest in cryptocurrency ETFs. In July 2024, Cboe Global Markets Inc. had submitted a request to the SEC to list Solana spot exchange-traded funds applied by VanEck and 21Shares. If approved, these would be the first ETF products linked to Solana.