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- Bitwise has taken another key step toward obtaining U.S. SEC approval with its latest amendments to the XRP ETF registration filing.
- Other filings from 21Shares and WisdomTree are also pending approval this month, with the only hurdle being the government shutdown.
After making an application for a Ripple (XRP) Exchange Traded Fund (ETF) on December 2, 2024, Bitwise submitted an updated S-1 filing to the U.S. Securities and Exchange Commission (SEC) for its proposed XRP ETF just yesterday. The fund aims to give investors direct exposure to the value of XRP, minus operational costs and other liabilities.
To achieve this, the Trust will hold XRP directly and calculate its net asset value (NAV) accordingly. Coinbase Custody Trust Company, LLC will act as the official custodian, tasked with securely safeguarding the Trust’s XRP assets.
At the same time, Canary Capital submitted revised registration documents for its proposed XRP ETF, outlining that the fund will trade in blocks of 10,000 shares. Gemini and BitGo will securely hold the underlying XRP as custodians. The filing also disclosed a 0.50% sponsor fee, which is lower than the 0.95% fee previously set for its HBAR and Litecoin ETF offerings.
A tweet from Nate Geraci, of NovaDius Wealth Management, highlighted that other firms, including Franklin, 21Shares, WisdomTree, and Grayscale, have all submitted updated filings for their proposed spot XRP ETFs.
Another batch of S-1 amendments rolling in on spot xrp ETFs…
Bitwise, Franklin, 21Shares, WisdomTree, Grayscale, & Canary.
Several include ticker symbols.
Getting close. pic.twitter.com/TY24kTY6MI
— Nate Geraci (@NateGeraci) October 10, 2025
Key ETF Approval Deadlines Approaching
These S-1 amendments are a standard part of the SEC’s review process, where applicants update their filings to address feedback from the commission. Grayscale Investments is facing a final deadline of October 18, with 21Shares following on October 19 and Bitwise Asset Management on October 22.
Both Canary Capital and CoinShares are scheduled for October 23, and WisdomTree Investments concludes the process with its deadline on October 24.
These developments come after the U.S. Securities and Exchange Commission instructed issuers of ETFs tied to XRP, Solana, Dogecoin, Litecoin, and Cardano to withdraw their 19b-4 filings, a key procedural step that previously required lengthy reviews and multiple layers of regulatory scrutiny.
Under the new framework, issuers will now only need to file an S-1 registration statement, which focuses on outlining the ETF’s structure, investment strategy, risk factors, and operational details. Instead of waiting as long as 240 days for regulatory review, issuers may now receive a decision in as little as 75 days.
However, there’s a major wrinkle in the timeline. On October 1, the U.S. federal government entered a shutdown after lawmakers in Congress failed to agree on a new budget for the fiscal year. As part of its contingency plan during the shutdown, the SEC has reduced staffing and suspended non-essential functions.
This means that companies awaiting ETF approvals may experience delays in their timelines, even if their filings are otherwise in good standing. The longer the shutdown continues, the more these delays could ripple through the market, potentially pushing expected approval dates further.
If the long-awaited approval for spot XRP ETFs is granted, market analysts believe it could inject between $3 billion and $8 billion into XRP. This level of capital inflow could also create upward pressure on XRP’s price and potentially double XRP’s market capitalization.
At present, XRP is trading at around $2.45, reflecting a 17% decline over the past week and an additional 12% dip in the last 24 hours, aligning with broader volatility across the crypto market. XRP’s trading volume has climbed substantially by 352% in the past day, reaching $21 billion.
