Grayscale, Bitwise Among Firms Updating Filings for Spot XRP ETFs
A wave of asset managers filed updated paperwork for spot XRP exchange-traded funds (ETFs) on Friday, signaling a renewed push to secure approval from the U.S. Securities and Exchange Commission (SEC).
Key Takeaways:
- Grayscale, Bitwise, and others filed updated spot XRP ETF proposals, likely in response to SEC feedback.
- The filings adjust structures to include XRP or cash creations and both cash and in-kind redemptions.
- While XRP rallied 7% on the news, BlackRock has stayed out of the XRP ETF race for now.
Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree all submitted amendments for their proposed spot XRP ETFs.
While the SEC has yet to approve any spot XRP ETF, the filings suggest that firms are responding to ongoing regulatory feedback.
XRP ETF Filings Likely Sparked by SEC Feedback
Bloomberg ETF analyst James Seyffart described the cluster of filings as “almost certainly due to feedback from SEC,” adding on X that while the move is “a good sign,” it was largely expected.
The updated proposals appear to adjust fund structures to allow for XRP or cash creations, along with both cash and in-kind redemptions, rather than strictly cash-based mechanisms.
Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from SEC. Good sign, but also mostly expected pic.twitter.com/GiSL1kc6lt
— James Seyffart (@JSeyff) August 22, 2025
Nate Geraci, president of The ETF Store, called the simultaneous filings “highly notable,” saying it was “a very good sign” for the prospects of eventual approval.
Despite the momentum, the world’s largest ETF issuer, BlackRock, has not joined the XRP race. While BlackRock launched the first spot Bitcoin and Ethereum ETFs, the firm confirmed earlier this month that it has no current plans to pursue an XRP product.
The filings arrive amid a broader crypto market rally, with XRP climbing 7% on Friday to trade at $3.08.
Meanwhile, VanEck has submitted an application for a JitoSOL ETF, the first proposed Solana fund backed entirely by a liquid staking token (LST). The ETF would track JitoSOL, a token representing SOL staked on the Solana network.
The Jito Foundation, which backs the proposal, said the fund marks a milestone now that the SEC has provided clarity that both protocol and liquid staking do not constitute securities transactions. “That clarity opens a compliant path for ETF sponsors to use LSTs,” the foundation said in a Friday blog post.
The SEC recently approved in-kind creations and redemptions for crypto ETFs, further widening the compliance runway for novel products.
Just weeks ago, REX-Osprey became the first ETF issuer to integrate staking rewards into a Solana fund via a JitoSOL partnership.
Solana (SOL) was trading at $199 at press time, up nearly 10% in the past 24 hours.
Grayscale Moves Forward With Dogecoin ETF Plan
As reported, Grayscale is pushing ahead with its bid to launch a Dogecoin exchange-traded fund, revealing the ticker “GDOG” in its latest US Securities and Exchange Commission filing.
The company said Friday it plans to rename its existing Grayscale Dogecoin Trust to the Grayscale Dogecoin Trust ETF.
If approved, the fund would list on NYSE Arca, which has already filed paperwork to support the listing. “The Shares are expected to be listed on NYSE Arca under the ticker symbol ‘GDOG,’” the filing stated.
Grayscale’s proposal enters a crowded field. Competitors Rex-Osprey and Bitwise have also submitted applications for similar products as the SEC weighs dozens of crypto ETF requests.