Bloomberg Intelligence analyst James Seyffart released a revised projection for when the remaining spot market XRP ETFs (exchange-traded funds) may begin trading in the United States.
Interest in these products intensified after the recent launch of the Canary XRP ETF (XRPC) and the Bitwise XRP ETF (XRP), both of which generated significant attention from market participants who anticipate broader institutional access to the asset.
Expected release dates for Grayscale and Franklin Templeton products
Seyffart addressed the potential timeline for upcoming funds from Grayscale and Franklin Templeton after new documents from both issuers indicated progress. In a recent post on X, he stated that his current expectation is that the Grayscale XRP ETF (GXRP), which is undergoing a transition from an existing trust structure, will begin trading on Monday, November 24, 2025.
He added that the proposed XRP ETF by Franklin Templeton (EZRP) could also be launched on the same date, although he emphasized that this remains a possibility, not a guarantee.
The updated forecast follows several procedural steps taken by both companies. Grayscale initially revealed plans at the beginning of the year to convert its XRP Trust fund, which has been operational for quite some time, into an exchange-traded fund (ETF). Subsequently, the company submitted a revised application on November 3, aiming to expedite the conversion through Form 8-A.
This approach allows the issuer to proceed without waiting for explicit SEC approval, as long as the required 20-day period passes without intervention. Based on this timeline, the nearest viable launch date coincides with Seyffart's estimate of November 24.
Franklin Templeton made similar adjustments to its application. The amendment on November 4 removed the clause that would have automatically delayed the entry into force, a change that allowed the company to achieve the same launch window as Grayscale.
Seyffart also noted that the proposed Dogecoin ETF by Grayscale could debut on the same day, potentially making that week one of the busiest in the digital asset ETF landscape in recent months.
Status of pending applications from other issuers
Several other asset managers have also applied for spot XRP ETFs, but launch dates remain uncertain. Companies like 21Shares, CoinShares, and WisdomTree are still awaiting regulatory approval, and none of the three have taken the necessary procedural steps for their applications to take effect without the direct approval of the U.S. Securities and Exchange Commission (SEC).
In particular, CoinShares and WisdomTree maintained the postponement language in their S-1 documents, and 21Shares preserved the same provision even after its update on November 7. As a result, none of these products are expected to reach the market until the SEC grants explicit authorization.
While several issuing companies await new advancements, the two spot XRP ETFs already trading in the U.S. continue to attract investor interest. The combined net flow for these products reached $410.76 million.
Most of the funds come from Canary's XRPC, which has accumulated $305.40 million. The recently launched Bitwise fund has already raised $105.36 million.
The growing number of registration requests and the rapid growth of assets from early participants indicate a sustained institutional demand for regulated exposure to XRP. The coming weeks should shape expectations about how quickly other products can enter the market, especially if the timeline projected by Seyffart is confirmed.
Remember folks, that nothing said here represents a recommendation to buy, sell, or hold assets.
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