Major Players Adjust Filings For XRP Spot ETF

This Friday, seven heavyweights in asset management, including Grayscale, Bitwise, and 21Shares, simultaneously amended their filings with the SEC as part of the proposal for a spot ETF based on XRP. Such a coordinated offensive, unprecedented for this asset long on the fringe of the institutional field, reflects a strategy of adapting to the demands of the American regulator. In a still unclear regulatory climate, these steps mark a possible turning point for the integration of XRP into institutional portfolios.

A Wave of Coordinated Amendments

This Friday, seven major asset managers simultaneously filed amendments to their S-1 forms with the SEC which is taking its time, as part of proposals for a spot ETF based on the crypto XRP.

This is a concerted movement that, according to analysts, constitutes a direct response to feedback from the regulator. “The filings were made almost certainly in response to feedback from the SEC”, said James Seyffart, ETF analyst at Bloomberg, on the social network X.

Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from SEC. Good sign, but also mostly expected pic.twitter.com/GiSL1kc6lt

— James Seyffart (@JSeyff) August 22, 2025

This synchronization draws attention, in a context where the SEC has not yet approved any spot XRP ETF, despite several projects already filed, including versions backed by futures contracts.

Here are the key elements of this wave of amendments :

• Crypto companies involved : Grayscale, Bitwise, Canary, CoinShares, Franklin Templeton, 21Shares, and WisdomTree ;

• Type of documents amended : S-1 forms, required to register ETFs with the SEC ;

• Amendments made : new structures now allow creations of shares in XRP or cash, and redemptions in cash or in kind ;

• Probable objective : to meet technical and regulatory expectations of the SEC, while preparing the ground for possible approval ;

• Market reactions : several observers, such as Nate Geraci, president of NovaDius Wealth, have praised this coordinated move.

These technical changes are not trivial. By allowing creations in XRP and redemptions in kind, managers align their structures with those successfully used for spot Bitcoin ETFs.

This mechanism offers better operational efficiency and potentially allows better control of valuation gaps between the fund and its underlying asset. The similarity of changes among different players suggests a harmonized strategy, probably in hopes of accelerating the regulator’s decision-making.

An Offensive Without BlackRock

Beyond the technical adjustments and simultaneous filings, one element especially draws attention: the notable absence of BlackRock in this wave of initiatives. The asset manager, yet behind the largest spot ETFs on Bitcoin and Ethereum, has filed no request regarding XRP.

Indeed, the company confirmed it currently has no project for a financial product based on this asset. This cautious stance contrasts with the enthusiasm of its competitors, and raises questions of a possible dividing line between crypto asset allocation strategies within major financial firms.

Nate Geraci did not hesitate to qualify the simultaneity of filings as “extremely notable”. He added on X : “very good sign in my opinion”.

S-1 amendments rolling in today on spot xrp ETFs…

Canary, CoinShares, Franklin, 21Shares, WisdomTree, & Bitwise so far.

Highly notable to see them cluster like this.

Very good sign IMO. pic.twitter.com/Ee7ZPdBuPW

— Nate Geraci (@NateGeraci) August 22, 2025

The dominant interpretation seems to be that these companies are trying to position themselves ahead, in case a shift in the SEC’s stance opens the way to block approval of spot XRP ETFs.

While it is too early to talk about an imminent green light, this collective initiative could nonetheless create regulatory leverage. By submitting harmonized structures to the SEC, managers may hope to facilitate a global decision on this type of product. Moreover, in a rebounding market this Friday, the XRP price appreciated by 7 %, a move interpreted by some as optimistic investor reaction.