The U.S. Securities and Exchange Commission (SEC) is currently reviewing a busy pipeline of XRP ETF applications, with several major asset managers awaiting crucial decisions in the coming months.
This momentum follows Ripple's legal victory last August, which cleared major regulatory hurdles and restored confidence in institutional adoption of XRP.
First XRP ETF to Market
ProShares became the first to receive SEC approval in July, launching the Ultra XRP ETF on the New York Stock Exchange (NYSE Arca) on July 18. This fund gives investors 2x exposure to XRP futures, a milestone for the digital asset.
Spot XRP ETF Applications
A flood of applications for XRP spot ETFs is currently underway.
Grayscale is seeking to convert its XRP investment fund into an exchange-traded fund, with a decision deadline of October 18, 2025.
The following day, 21Shares is awaiting a decision on its Core XRP Trust.
Bitwise will follow on October 20.
The schedule continues with other dates:
Canary Capital (October 24).
WisdomTree (October 25).
Both Franklin Templeton and CoinShares are scheduled for the same date.
All of these proposals aim to provide direct, regulated exposure to XRP, similar to the previously approved Bitcoin and Ethereum spot funds.
Other filings are pending
Other companies are still in the pipeline:
RexShares, in partnership with Osprey, filed an application earlier this year, but its decision, originally scheduled for July 25, has been postponed.
Volatility Shares, for its part, is seeking to launch a 1x and 2x leveraged fund linked to XRP futures, but its application review has also been postponed.
What's next?
Analysts believe the SEC will eventually establish a unified regulatory framework to handle the wave of crypto fund applications.
Nath Geraci, president of NovaDius Wealth Management, told CNBC that he expects this framework to include other major cryptocurrencies such as Solana, Cardano, and HBAR, which could provide greater clarity to the rapidly expanding market.
With deadlines piling up in late October, the SEC's decisions could determine whether XRP joins Bitcoin and Ethereum in the era of ETFs, or faces further delays that perpetuate uncertainty.
