XRP’s rise toward ETF launch gained new momentum as two issuers — Bitwise Investment Advisers LLC and Canary Capital Group LLC — filed amendments with the U.S. Securities and Exchange Commission (SEC) in late October, positioning XRP as the next major crypto asset likely to debut in ETF form.

Bitwise Investment Advisers LLC filed Amendment No. 4 to its Form S-1 on Oct. 31 for the Bitwise XRP ETF, which seeks to list on NYSE Arca under the ticker “ XRP.” The trust will hold XRP directly, tracking the CME CF XRP–Dollar Reference Rate–New York Variant benchmark administered by CF Benchmarks Ltd.

Coinbase Custody Trust Company will act as custodian, while the Bank of New York Mellon serves as administrator and transfer agent. Bitwise’s filing disclosed $2.5 million in seed capital from its affiliate Bitwise Investment Manager LLC and detailed a unitary 0.34% management fee, waived on the first $500 million in assets during the ETF’s first month of trading. The fund, structured as a Delaware statutory trust, will not engage in lending, staking, or yield generation activities, ensuring passive exposure to XRP’s spot price.

Canary Capital Group LLC filed a pre-effective Amendment No. 3 to its Form S-1 on Oct. 24 for its Canary XRP ETF, which aims to list on Nasdaq under the ticker “XRPC.” The trust will hold XRP and calculate its value using the Coindesk XRP CCIXber 60m New York Rate. Its custodians, Gemini Trust Company and Bitgo Trust Company, will safeguard the XRP holdings, while U.S. Bancorp Fund Services acts as administrator and transfer agent.

The amended filings from both asset management firms come amid accelerating interest in digital-asset investment products, signaling that XRP could soon join bitcoin and ethereum in the ETF market. Both amendments were submitted shortly after the successful debut of Bitwise’s Solana ETF (BSOL), which reignited investor enthusiasm for crypto funds. Market observers now view XRP ETFs as the next major development in crypto’s institutional expansion, citing XRP’s established role in global payments and low-cost transactions as strong foundations for adoption.

• What triggered renewed investor interest in XRP ahead of a potential ETF launch?
  The filing of amended S-1 forms by Bitwise and Canary Capital with the SEC in late October signaled concrete progress toward launching XRP ETFs, driving renewed institutional interest and price momentum.
• How will the Bitwise XRP ETF be structured for investors?
  Bitwise’s ETF will be a Delaware statutory trust holding XRP directly, tracking CF Benchmarks’ CME CF XRP-Dollar Reference Rate, with Coinbase Custody as custodian and a competitive 0.34% management fee initially waived on the first $500 million in assets.
• What distinguishes Canary Capital’s XRP ETF proposal from Bitwise’s?
  Canary Capital’s XRP ETF will list on Nasdaq under the ticker “XRPC,” use Gemini and Bitgo as custodians, and benchmark against the Coindesk XRP CCIXber 60m New York Rate, offering a diversified approach for investors seeking XRP exposure.
• Why do analysts view XRP ETFs as a key milestone for institutional crypto adoption?
  XRP’s established role in global payments, combined with the success of prior crypto ETFs like Bitwise’s Solana ETF, positions it as the next major asset to attract institutional inflows and expand regulated digital asset investment opportunities.

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