The race to launch a spot XRP exchange-traded fund (ETF) in the U.S. is intensifying as two major asset managers filed regulatory amendments this week. 21shares US LLC and Franklin Holdings LLC submitted updated Form S-1 filings with the U.S. Securities and Exchange Commission (SEC), advancing efforts to list XRP ETFs on U.S. exchanges.

Bloomberg ETF analyst Eric Balchunas remarked on 21shares’ third amended filing on the social media platform X on Nov. 7:

21shares just dropped an 8(a) for their spot XRP ETF. 20-day clock in effect.

His post indicated that a countdown had begun, potentially leading to one of the first XRP-based ETFs in the U.S. The fund, expected to be listed on the Cboe BZX Exchange, will follow the CME CF XRP—Dollar Reference Rate — New York Variant, administered by CF Benchmarks Ltd., and will not employ derivatives, leverage, or speculative strategies. Custodial responsibilities will be shared among Coinbase Custody Trust Company, Anchorage Digital Bank, and Bitgo Trust Company, while the Bank of New York Mellon will oversee fund administration and NAV calculations.

Adding to the momentum, Franklin Holdings LLC filed Amendment No. 3 to its Form S-1 registration statement with the SEC on Nov. 4 for its Franklin XRP ETF, sponsored by Franklin XRP Trust. The proposed ETF, expected to list on the NYSE Arca under ticker “XRPZ,” similarly aims to track the XRP market using the CME CF XRP-Dollar Reference Rate — New York Variant.

With both 21shares and Franklin advancing filings within days of each other, competition in the XRP ETF segment has intensified, reflecting surging institutional appetite for digital-asset-based products despite market volatility. In addition, Canary Capital CEO Steven McClurg stated this week that he hopes to launch an XRP ETF next week.

• What is driving the rush for a spot XRP ETF?
  Growing institutional demand for regulated crypto exposure is accelerating filings for XRP ETFs in the United States.
• Which companies filed the latest amendments for spot XRP ETFs?
  21shares US LLC and Franklin Holdings LLC have both submitted updated S-1 filings to the U.S. SEC to list XRP-tracking ETFs.
• What benchmark will the proposed XRP ETFs follow?
  Both ETFs plan to track the CME CF XRP—Dollar Reference Rate — New York Variant administered by CF Benchmarks Ltd.
• Why is the XRP ETF significant for investors?
  An XRP ETF launch could legitimize XRP as an institutional asset class and unlock broader market participation.

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