TLDR
- CoinShares filed for a U.S. spot XRP ETF with Nasdaq under ticker XRPL.
- The SEC review process is paused due to the ongoing government shutdown.
- BitGo is named as custodian, and Valkyrie Funds LLC is a seed capital investor.
- XRP investment products saw $61.6 million in inflows in the past week.
CoinShares has taken a new step toward expanding institutional access to XRP in the United States. The company filed for a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), aiming to list it on Nasdaq under the ticker XRPL. The filing arrives as investor interest in digital assets remains strong, despite ongoing delays due to the U.S. government shutdown.
CoinShares Details XRPL Structure in SEC Filing
In an SEC document dated October 14, CoinShares confirmed XRPL as the official ticker for its proposed spot XRP ETF. The company named BitGo as the custodian of XRP holdings and Valkyrie Funds LLC as the seed capital investor. Although the amount of XRP purchased by Valkyrie was not disclosed, the move indicates growing institutional confidence in the asset.
A CoinShares spokesperson stated, “Our mission is to make XRP accessible to institutional investors in the U.S., with a compliant and secure framework.” The trust will not take part in staking activities, meaning shareholders will not receive rewards or income from network participation.
Other firms involved include CSC Delaware Trust Company as trustee, U.S. Bancorp Fund Services as transfer agent and administrator, U.S. Bank NA as cash custodian, and Paralel Distributors as marketing agent. The ETF’s sponsor fee, expected to be payable in XRP, is still pending disclosure.
Regulatory Delays Halt ETF Progress
The SEC’s review process has been suspended because of the ongoing U.S. government shutdown. As a result, progress on all pending crypto ETF applications, including the XRP ETF, remains paused. Legal expert Greg Xethalis noted that the 19b-4 filings made by issuers are procedural and do not signal imminent launches.
To move forward, issuers must also submit filings under the Securities Act of 1933 (Form S-1) and the Securities Exchange Act of 1934 (Form 8-A). Both documents require review by SEC staff, which cannot occur until the government resumes operations. Xethalis said, “We’re basically just waiting for the government to reopen.”
Many investors had misunderstood the October deadlines as final approval dates. However, experts have clarified that these filings are administrative steps and not actual launch authorizations.
Multiple XRP ETF Applications Await SEC Review
Once normal operations resume, the SEC will review several XRP ETF proposals from issuers such as Grayscale, 21Shares, Bitwise, WisdomTree, and Canary Capital. These reviews were expected between October 18 and 25 but are now delayed. Exchanges including Nasdaq, NYSE Arca, and CBOE BZX will likely postpone listings until the SEC can complete its evaluations.
Additionally, GraniteShares filed on October 7 for a 3x leveraged XRP ETF, seeking to offer amplified long and short exposure. Analysts believe such products could increase institutional interest once approvals are granted.
Institutional Interest in XRP Remains Strong
Despite the pause in regulatory proceedings, institutional inflows into XRP have remained steady. CoinShares reported $61.6 million in net inflows for XRP investment products in the week ending October 13, marking the 18th consecutive week of positive activity. XRP is currently trading near $2.50, showing resilience amid broader market volatility.
ETF Store President Nate Geraci said that XRP-linked funds may be close to launch, noting that amended S-1 filings mark progress toward approval. He added that institutional investors are closely watching the SEC’s next actions, as approval could mark a turning point for XRP’s presence in U.S. financial markets.
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