Cboe BZX exchange files 19b-4 for spot XRP ETFs by Bitwise, 21Shares, and Canary Capital
Cboe BZX exchange files 19b-4 for spot XRP ETFs by Bitwise, 21Shares, and Canary Capital
Cboe BZX Exchange has submitted 19b-4 filings on behalf of Bitwise, 21Shares, and Canary Capital to list and trade spot exchange-traded products (ETPs) tracking XRP, the fourth-largest cryptocurrency by market capitalization.
The filing marks the second step in the regulatory process for spot crypto ETFs with the U.S. Securities and Exchange Commission (SEC). Once acknowledged by the SEC, it will be published in the Federal Register, triggering the official review process, reports The Block.
Expanding ETF landscape
Bitwise initially registered for a spot XRP ETF in October, followed by 21Shares submitting an S-1 registration statement in November. Other firms, including WisdomTree, CoinShares, and NYSE Arca, have also recently filed similar applications. Canadian firm Purpose Investments has taken a step further, filing a preliminary prospectus on January 31 to potentially launch the world's first XRP ETF.
The SEC has previously approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs later that year. With growing political support for the crypto industry—particularly from former President Donald Trump—many issuers have intensified their push for additional spot crypto ETFs. Acting SEC Chair Mark Uyeda recently appointed Commissioner Hester Peirce to lead a crypto task force, aiming to clarify the classification of digital assets and refine the approval process for exchange-traded products.
At the time of publication, XRP’s price had declined by 2.5%, trading at $2.34, according to The Block's market data. The SEC’s decision on these filings will be closely monitored, as approval could pave the way for greater institutional participation in the XRP market.
