European asset manager CoinShares has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch the first spot XRP exchange-traded fund (ETF) on Nasdaq, proposing the ticker XRPL. The filing, made on October 14, outlines a comprehensive framework to meet regulatory and custody standards, with BitGo appointed as the digital custodian and Valkyrie Funds LLC providing seed capital.
Operational partners include U.S. Bank and its affiliates for cash and fund administration, while Paralel Distributors will handle marketing. The ETF will directly track XRP's spot price without engaging in staking or yield-generating activities, aiming to offer U.S. institutions a regulated and transparent vehicle for XRP exposure.
The SEC is set to rule on multiple XRP ETF applications between October 18 and 25, including submissions from Grayscale, 21Shares, Bitwise, WisdomTree, and Canary Capital. This regulatory timeline could define XRP's treatment under U.S. securities law and accelerate institutional adoption. Despite a recent crypto market correction, XRP funds saw $61.6 million in inflows last week, underscoring robust demand.
