As the long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) moves toward resolution, investor focus is pivoting sharply toward a new financial milestone: the potential approval of XRP exchange-traded funds (ETFs). With multiple major asset managers having filed applications—and several receiving formal acknowledgments from the SEC—market analysts are closely tracking the progress of these filings.
A leading Ripple-focused analyst, known as All Things XRP, has recently provided a comprehensive update on the status of nine pending XRP ETF applications. This tracker offers insight into expected approval timelines, regulatory milestones, and what these developments could mean for crypto investors in 2025.
Major Asset Managers Advance XRP ETF Applications
Leading digital asset firms including Bitwise, Canary Capital, 21Shares, and Grayscale have taken significant steps toward launching XRP ETFs. All four have now received official acknowledgment from the SEC, marking a crucial early stage in the regulatory review process.
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Bitwise XRP ETF: On Track for Mid-2025 Approval
Bitwise filed its XRP ETF application on October 2, 2024. The SEC formally acknowledged receipt on February 18, 2025. Based on standard review periods and precedent from previous crypto ETF approvals, All Things XRP projects that Bitwise could receive final approval by May 18, 2025.
This timeline aligns with the SEC’s typical 240-day review window following formal acknowledgment, suggesting Bitwise may be among the first to launch if no delays occur.
Canary Capital: Slight Delay in Filing, Similar Timeline
Canary Capital submitted its application just six days after Bitwise, on October 8, 2024. Despite the later filing date, the SEC acknowledged it on the same day—February 18, 2025. Analysts estimate an approval decision by May 22, 2025, placing it closely behind Bitwise in the race.
21Shares and Grayscale: Strong Contenders with Spring Deadlines
21Shares entered the XRP ETF race on November 1, 2024, with its filing acknowledged by the SEC on February 14, 2025. With a projected approval date of May 22, 2025, it mirrors Canary Capital’s expected timeline.
Grayscale, already a major player in crypto investment products, filed to convert its existing XRP Trust into an ETF on January 30, 2025. The SEC acknowledged this conversion request on February 14, 2025. Given Grayscale’s prior success with Bitcoin and Ethereum ETF conversions, experts anticipate approval by May 21, 2025—potentially making it one of the earliest approved XRP ETFs.
Mid-Year Milestones: WisdomTree and CoinShares
Two additional financial institutions—WisdomTree and CoinShares—are progressing through the regulatory pipeline with filings expected to be decided in the summer and early fall.
WisdomTree Aims for July Decision
WisdomTree filed its XRP ETF application on December 2, 2024. The SEC acknowledged the submission on February 19, 2025. Based on historical processing times, a final decision is anticipated around July 2025.
WisdomTree has previously launched crypto-related financial products and is well-positioned to bring institutional-grade structure to XRP investing if approved.
CoinShares Enters Late but Targets August Approval
CoinShares made its debut in the XRP ETF space with a filing on January 24, 2025. The SEC acknowledged the application just three weeks later, on February 19, 2025. Analysts project an approval window around August 2025, assuming no material objections arise during the review.
As a European-based asset manager expanding into U.S. markets, CoinShares’ involvement signals growing global interest in XRP as a viable digital asset for regulated investment vehicles.
Late-Year Filers: ProShares, Volatility Shares, and Franklin Templeton
While earlier filers target spring or summer approvals, several prominent asset managers submitted applications later in the cycle—pushing their potential approval dates into late 2025.
ProShares Eyes November Approval
ProShares, known for its innovative ETF structures including leveraged and inverse funds, filed its XRP ETF application on January 17, 2025. The SEC acknowledged it on March 3, 2025. With a standard review period, approval is expected by November 2025.
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Volatility Shares and Franklin Templeton Target December
Volatility Shares submitted its application on March 7, 2025, with SEC acknowledgment coming on March 24. Franklin Templeton followed shortly after, filing on March 11, 2025, and receiving acknowledgment on March 27. Both are projected to receive final decisions by December 2025.
Notably, NYSE Arca has already approved listing and registration for Teucrium’s proposed 2X Long Daily XRP ETF—a bullish signal that infrastructure providers are preparing for broader XRP product availability.
Expert Outlook: Full Approval Wave Expected by Year-End
According to All Things XRP, all nine XRP ETF applications are expected to be approved by the end of 2025. This forecast is based on:
- SEC acknowledgment patterns
- Historical review durations for similar crypto-based ETFs
- The evolving regulatory clarity surrounding Ripple’s status following its partial legal victory
The analyst emphasizes that formal acknowledgment by the SEC does not guarantee approval—but it does confirm that filings are complete and under active review. Each application must still pass through multiple procedural stages, including public comment periods and potential amendments.
On-Chain Activity Signals Growing Institutional Interest
Recent on-chain data reveals increased whale activity involving XRP holdings—a trend often associated with market anticipation of major regulatory developments. As asset managers continue exploring XRP-based financial products, this surge suggests growing confidence in Ripple’s regulatory trajectory.
With clearer legal standing emerging from the ongoing litigation, institutions are better positioned to assess XRP as a compliant digital asset suitable for mainstream investment portfolios.
Frequently Asked Questions (FAQ)
Q: What is an XRP ETF?
A: An XRP exchange-traded fund (ETF) allows investors to gain exposure to the price of XRP without directly holding the cryptocurrency. It trades on traditional stock exchanges and is regulated by financial authorities like the SEC.
Q: Why are XRP ETF approvals taking so long?
A: The SEC evaluates each application for compliance with securities laws, market manipulation risks, custody solutions, and investor protection. The ongoing Ripple vs SEC case has also influenced timing due to uncertainty over XRP’s classification.
Q: Will all nine XRP ETFs be approved?
A: While no outcome is guaranteed, expert analysis suggests strong momentum toward approval by late 2025—especially given precedent set by Bitcoin and Ethereum ETF approvals.
Q: How do SEC acknowledgments affect ETF approval chances?
A: Acknowledgment means the filing is complete and under review—it's a necessary step but doesn’t indicate approval likelihood. However, lack of rejection at this stage is generally seen as positive.
Q: Can I invest in XRP ETFs now?
A: Not yet. All applications are still under regulatory review. Once approved, these ETFs will become available through brokerage platforms.
Q: What impact could XRP ETFs have on the market?
A: Approval could lead to increased institutional adoption, improved liquidity, and greater price stability for XRP—similar to effects seen after Bitcoin ETF launches.
The path toward regulated XRP investment products is gaining momentum. With nine major applications in motion and expert projections pointing to widespread approvals in 2025, investors should stay informed—and prepared—for what could be a transformative year for digital asset markets.
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