Spot XRP ETFs Just Got Real: Six Asset Managers Make Bold Moves While Grayscale Drops a Game-Changing S-1 Filing—What It Means for Your Portfolio Now
Ever wonder what happens when six heavyweight asset managers decide to shake up the crypto ETF scene all at once? Well, buckle up—because Bitwise, Canary Capital, CoinShares, Franklin Templeton, 21Shares, and WisdomTree just stirred the pot by filing S-1 amendments for spot XRP ETFs with the SEC, while Grayscale jumped in with a fresh S-1 for its XRP Trust ETF. This isn’t some random filing frenzy; it’s a coordinated sprint towards SEC approval, signaling a pivotal moment in the crypto ETF race. And if that’s not enough, Federal Reserve Chair Jerome Powell’s whispers of a September rate cut have propelled Ethereum to a dazzling new all-time high and lifted XRP by a solid 10%. It’s a cocktail of regulatory ambition and market momentum that’s hard to ignore. Curious where this fast-evolving story is headed?
Six major firms, along with a new Grayscale filing, submitted regulatory updates as they push for SEC approval of ETFs directly holding XRP, marking a new phase in the crypto ETF race.
Key Takeaways
- Six firms filed S-1 amendments for spot XRP ETFs while Grayscale submitted a new filing for its XRP Trust ETF.
- Powell’s signal of September rate cuts drove Ethereum to a new all-time high and lifted XRP 10% to $3.10.
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Six major asset managers, Bitwise, Canary Capital, CoinShares, Franklin Templeton, 21Shares, and WisdomTree, filed S-1 amendments for spot XRP exchange-traded funds with the Securities and Exchange Commission on Friday. Grayscale, meanwhile, submitted a new S-1 registration statement for its planned Grayscale XRP Trust ETF.
The simultaneous filings represent a coordinated wave of activity as issuers position for eventual SEC approval.
The filings came on a day of strong market moves triggered by Federal Reserve Chair Jerome Powell’s comments at the Jackson Hole symposium. Powell’s comments suggested that interest rates might come down at the Fed’s next meeting in September, sparking a rally across risk assets.
Ethereum surged past its November 2021 record to hit a new all-time high above $4,887 before retreating slightly, while XRP jumped 10% on Friday to trade at $3.10.
XRP’s momentum also reflects progress in the Ripple lawsuit. Earlier today, the US Court of Appeals for the Second Circuit approved Ripple and the SEC’s joint motion to dismiss appeals in the case.
The long-running legal battle between Ripple Labs and the Securities and Exchange Commission has now entered its final stage, as confirmed by defense lawyer James Filan on Friday.
The amendments update registration statements for funds that would directly hold XRP, the token tied to Ripple’s payments network. While the filings do not guarantee imminent approval, they reflect active dialogue between issuers and regulators during the review process.
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