Overview

• Grayscale, Bitwise, Canary Capital, CoinShares, Franklin Templeton, WisdomTree, and 21Shares filed amended S-1s for spot XRP ETFs on Aug. 22–23.
• Analysts including James Seyffart and Nate Geraci said the clustered updates likely respond to SEC comments and represent a constructive step in the process.
• The SEC has extended review deadlines into October, with several rulings expected in close succession if the current schedule holds.
• Canary Capital’s update outlines a Delaware statutory trust seeking a Cboe BZX listing, direct XRP holdings priced by the CoinDesk XRP CCIX New York Rate, and custody at a designated trust company.
• Amendments align fund mechanics with existing spot Bitcoin and Ethereum ETFs by permitting cash and in-kind creations and redemptions, while warning of risks such as no Investment Company Act of 1940 protections and potential exchange or custody failures.