21Shares files for spot XRP ETF approval

21Shares submitted a request for authorization to establish an exchange-traded fund that deals in spot XRP (ETF) to the US Securities and Exchange Commission.
The Ohio-based asset management firm submitted a Form S-1 to the SEC  to issue and sell shares of the Core XRP Trust on the Cboe BZX Exchange. Investors have the “opportunity to indirectly access the market,”  but are not exposed to XRP directly

The SEC has not responded to managers applying for a spot XRP amid the ongoing case against Ripple Labs, although spot Bitcoin ETFs were approved in 2024. In the judgment of the civil suit, which is now being appealed by the SEC with a cross-appeal from Ripple, a federal judge held that the XRP token was not a security regarding programmatic sales on exchanges.

If approval is granted, Coinbase Custody Trust Company will serve as custodian of the investment vehicle’s XRP.  Bitwise and other asset management companies had registered their applications for their XRP ETFs.

Sources report that the SEC’s approval of spot bitcoin ETFs in January led several asset management companies to explore bitcoin or other cryptocurrency-related investment options. Therefore, it comes as little surprise that Canary Capital, VanEck, and 21Shares have all filed for the ability to offer a spot Solana ETF and trade shares of it. Further, Canary has also put forward a L