Momentum for an XRP exchange-traded fund (ETF) surged on Aug. 22 as multiple issuers advanced filings with the U.S. Securities and Exchange Commission (SEC), fueling optimism that approval could be nearing.
Canary, Coinshares, Franklin, 21Shares, Wisdomtree, and Bitwise each submitted their initial amended S-1 filings on Aug. 22, 2025, forming a cluster of submissions analysts viewed as a direct response to SEC engagement. That same day, Grayscale filed an S-1 registration statement to convert its existing XRP Trust into a spot ETF, following a Form 19b-4 submitted in January 2025 and published in the Federal Register on Feb. 20. Experts viewed the coordinated filings as a sign of regulatory progress. Bloomberg ETF analyst James Seyffart remarked on social media platform X:
Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from SEC. Good sign, but also mostly expected.
Nate Geraci, president of Novadius Wealth Management, emphasized the notable concentration of filings, stating on X: “S-1 amendments rolling in today on spot XRP ETFs… Canary, Coinshares, Franklin, 21Shares, Wisdomtree, & Bitwise so far. Highly notable to see them cluster like this. Very good sign IMO.” In a separate post, he also mentioned that Grayscale filed a registration statement for its XRP ETF.
The consistency in timing across issuers highlighted that dialogue with the SEC is ongoing and that applicants are actively adjusting their proposals to address feedback.
Confidence around eventual approval has risen in recent weeks. Ripple CEO Brad Garlinghouse has long argued that an XRP ETF is “inevitable.” Supporting that view, Bloomberg ETF analyst Eric Balchunas and Seyffart recently raised their estimate of approval probability to 95%, citing constructive discussions between the SEC and fund sponsors. This independent analysis adds weight to Garlinghouse’s position and reflects the growing belief that institutional-grade access to XRP may soon be realized, despite the regulatory caution that continues to surround crypto markets.
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