The XRP ETF Era
Every Issuer, Every Structure, and What It Means for Price
For years the idea of a spot XRP ETF felt distant. Regulators stalled, exchanges avoided the topic, and mainstream finance looked the other way while a payments network quietly evolved into the backbone of real-world liquidity.
Now the floodgates are beginning to open.
Over a dozen issuers have filed or prepared to launch XRP-based ETFs in the United States. The filings are public, the custodians are named, and the infrastructure is being wired. Once the first fund goes live, the rest will follow in rapid succession.
This is the full map of what is coming.
I. The Major Spot Issuers
Bitwise XRP ETF
Bitwise filed one of the earliest spot XRP S-1s. It plans to list on NYSE Arca and use Coinbase Custody for storage with BNY Mellon as administrator. This mirrors the structure of its Bitcoin and Ether funds. Bitwise already has deep institutional distribution and an operational track record that makes it a frontrunner.
Franklin XRP Trust
Franklin Templeton’s filing outlines a grantor trust that holds XRP directly and prices daily to a regulated benchmark. Franklin’s reach into traditional finance gives it a powerful advantage once approvals arrive. Its collaboration with Ripple and broader tokenization initiatives make this one of the most strategically aligned filings on the list.
21Shares XRP ETF
21Shares has offered XRP ETPs in Europe for years. Its U.S. product mirrors those structures and is expected to list on Cboe BZX. The company’s global experience gives it a strong operational foundation.
WisdomTree XRP Fund
WisdomTree is a respected New York firm that already manages physically backed crypto products overseas. Its U.S. XRP Fund filing signals that the asset now carries enough regulatory clarity to move forward in the American market.
CoinShares XRP ETF
CoinShares is a European heavyweight in the digital asset ETP space. Its U.S. Form S-1/A describes a spot product designed to trade on Nasdaq. CoinShares combines global credibility with proven custody experience in XRP products abroad.
Canary XRP ETF
Canary Capital has moved into the final stages of approval for its spot XRP ETF. The firm filed an updated S-1 with the ticker “XRPC” and named Nasdaq as the listing venue. The latest version of the filing removes the delaying amendment, which typically signals readiness for effectiveness under Section 8(a) of the Securities Act. Several financial outlets now report that the ETF could begin trading as soon as Thursday, pending the final exchange and clearing notice.
While an official prospectus or confirmed launch date has not yet been posted on the SEC’s site, this is widely viewed as the first XRP spot ETF likely to trade in the United States. Canary Capital may set the precedent that opens the door for the larger issuers to follow.
Grayscale XRP Trust to ETF Conversion
Grayscale already manages an XRP Trust and has filed to convert it into a spot ETF once approvals are granted. Investors in the existing trust would see their holdings convert to ETF shares. Grayscale’s advantage is a live holder base and a functional NAV structure, though its fees will need to drop to compete.
II. Secondary Spot Entrants
REX Shares (Osprey XRPR)
REX and Osprey filed for a fund that appears to provide index exposure rather than a pure grantor trust, but the direction is clear. They are positioning to capture retail demand once spot approvals arrive.
Volatility Shares XRP ETF
Volatility Shares built its reputation on leveraged and inverse crypto ETFs. Its XRP filing includes a −1x product, most likely futures-based. It will not hold XRP directly but will provide tools for hedging and liquidity.
ProShares Ultra and Short XRP ETFs
ProShares filed multiple leveraged funds offering +2x, −2x, and −1x exposure through CME futures. These funds are meant for tactical trading or hedging, not long-term holding, and they do not remove XRP from circulation.
WisdomTree, 21Shares, CoinShares, and Franklin in Europe
Each already operates physically backed XRP ETPs on European exchanges. This matters because it proves that the custody and redemption models already function in real markets. The United States is only now catching up.
III. Structure and Mechanics
A spot XRP ETF is a grantor trust that holds XRP in cold storage with a qualified custodian. Authorized participants, usually major trading firms, create or redeem shares by delivering XRP or cash equal to the fund’s net asset value. Each share represents a proportional ownership of the XRP held by the trust.
Custodians: Coinbase Custody, BNY Mellon, and other Tier-1 banks
Benchmark: CME CF XRP-USD Reference Rate used for daily NAV calculations
Exchange Listings: NYSE Arca, Cboe BZX, or Nasdaq depending on the issuer
Back Office: DTCC eligibility signals operational readiness but is not regulatory approval
The flow path is straightforward:
Investor → Broker → ETF Shares → Authorized Participant → XRP Purchase → Custodian.
This pipeline converts fiat inflows into permanent XRP demand whenever creations exceed redemptions.
IV. The Approval Sequence
- Effective S-1: The SEC must declare the S-1 effective before trading can begin.
- Exchange Listing Notice: The exchange must issue a formal approval under the new generic crypto ETF standards.
- DTCC Eligibility: Confirms clearing and settlement readiness but does not equal SEC approval.
- Final Prospectus and Ticker Announcement: Once fees and tickers are finalized, trading typically begins within days.
When these four steps align, the first spot XRP ETF will trade and others will follow quickly.
V. Market Structure and Price Impact
1. Futures Infrastructure Is Ready
CME launched XRP futures in May 2025 and added options later that year. This allows market makers to hedge ETF inflows and maintain tight spreads, a critical requirement for institutional liquidity.
2. Institutional On-Ramps Multiply
Registered investment advisors and large funds can allocate through ETFs without managing self-custody. That opens a new demand channel that is measured, methodical, and far more stable than retail speculation.
3. Supply Reduction
Every ETF creation requires the acquisition of XRP in the open market. Even cash creations lead to XRP purchases by the authorized participants delivering to the custodian. Persistent inflows gradually reduce exchange-available supply.
4. Fee and Liquidity Wars
Issuers will compete fiercely on cost and execution. The funds that offer the lowest management fee, the tightest spreads, and the broadest distribution across broker platforms will dominate. In Bitcoin, BlackRock and Fidelity won that battle. In XRP, Bitwise and Franklin appear best positioned to lead.
5. Fragmentation Risk
Too many issuers can dilute volume and slow liquidity growth. The key metric to monitor will be aggregate AUM concentration across the top two funds.
VI. Separating Signal from Noise
A DTCC listing is not an approval.
A Form 8-A is not a launch.
A ticker appearing on a data screen does not mean trading begins.
The only two events that truly matter are an effective S-1 and an exchange listing notice. Everything else is noise designed to drive attention and clicks.
VII. The Bayberry View
The XRP ETF race confirms a truth that has guided Bayberry Capital from the beginning. Institutional infrastructure always converges on utility.
Bitcoin opened the door. Ethereum proved programmability. XRP delivers settlement.
Spot ETFs are not the thesis. They are the distribution layer. They allow capital that has been trapped behind custodial restrictions to enter the ecosystem in a compliant way. When that capital reaches XRP, it does not create fleeting volatility. It creates structural demand.
Utility provides the foundation.
Distribution magnifies it.
This combination is what transforms price from speculation into discovery.
VIII. Tracking It Like a Professional
EDGAR – Monitor for “S-1 Effective” notices for Bitwise, Franklin, 21Shares, CoinShares, WisdomTree, Canary, and Grayscale.
CME – Watch open interest and volume in XRP futures and options, which show how liquidity providers are positioning.
DTCC – Track eligibility updates only as a sign of plumbing progress.
IX. Final Thoughts
There are now at least seven confirmed U.S. spot XRP ETF filings and several futures or leveraged derivatives in progress. Each one builds another bridge between traditional capital and on-ledger liquidity.
When the first fund launches, inflows will not explode overnight. They will build gradually and persistently, quarter after quarter, as capital allocators gain confidence.
Bayberry Capital views this phase as the structural repricing of XRP. The asset is transitioning from speculative to infrastructural. The ETFs are the final mechanism that allow global capital to express that shift.
