Bitwise Files Critical Amendment #4 for XRP ETF: Final Steps Before Approval
Bitwise files Amendment #4 for XRP ETF with NYSE listing and 0.34% fee—analysts call this the final step before SEC approval. With October 20 deadline approaching and 100% approval odds, XRP could see billions in institutional inflows as crypto ETFs enter mainstream finance.
Bitwise Asset Management has submitted Amendment #4 for its spot XRP exchange-traded fund, officially designating the New York Stock Exchange (NYSE) as the listing venue with a proposed expense ratio of 0.34%. This filing represents a crucial milestone in the path toward SEC approval, with crypto analysts suggesting these amendments typically mark "the final steps before approval."
What Amendment #4 Reveals
The latest SEC filing confirms Bitwise's XRP ETF will trade on NYSE under the structure of a commodity-based trust. The 0.34% management fee positions it competitively within the emerging crypto ETF landscape, mirroring the fee structures successfully implemented for Bitwise's Bitcoin and Ethereum products.
According to the filing documentation, Coinbase Custody Trust Company will serve as the primary custodian for XRP holdings, utilizing cold storage protocols with limited hot wallet allocations for efficient basket creations and redemptions. This security infrastructure mirrors institutional standards established across Bitwise's $5.79 billion in crypto ETF assets under management.
Approval Timeline Intensifies
The SEC faces an October 20, 2025 final deadline for the Bitwise XRP ETF decision, part of a critical approval window extending from October 18-25 that includes competing applications from Grayscale, 21Shares, WisdomTree, CoinShares, and Franklin Templeton. Bloomberg Intelligence ETF analyst Eric Balchunas has upgraded approval odds to 100% following the SEC's adoption of generic listing standards for crypto ETFs in September 2025.
The new regulatory framework eliminated the traditional 19b-4 exchange rule filing requirement, streamlining the approval process from 240 days to as few as 75 days for qualifying assets with established futures markets. XRP futures launched on CME Group in May 2025, satisfying this critical regulatory prerequisite.
XRP-Specific Market Implications
Industry observers project XRP ETF launches could generate $5-7 billion in first-year inflows if multiple products receive simultaneous approval, potentially exceeding the market impact of Ethereum ETF debuts. Bitwise CIO Matt Hougan predicts XRP ETFs will "easily become" billion-dollar funds within their first months, driven by what he calls "the XRP Army" – XRP's dedicated retail and institutional investor base.
The timing coincides with Ripple's expanded institutional positioning, including its seat on the Federal Reserve's Faster Payments Task Force and deepening partnerships with major financial institutions. Ripple's resolution of its SEC lawsuit in 2025 established regulatory clarity that XRP is not a security for public exchange sales, removing the primary legal overhang that delayed ETF applications for years.
Current XRP spot ETF competition includes eleven applications, though the REX-Osprey XRP ETF (XRPR) already trades on NYSE under a unique '40 Act structure, demonstrating that spot XRP products can successfully launch under current SEC frameworks. However, the pending approval wave represents the first traditional commodity-based trust shares structure for XRP.
Ripple Ecosystem Catalyst
Beyond market speculation, XRP ETF approvals would legitimize XRP's role in institutional payment infrastructure, supporting Ripple's RippleNet expansion across 90+ countries processing $70+ billion in cross-border payments. The convergence of ETF availability, regulatory clarity, and Ripple's ISO 20022-compliant infrastructure positions XRP as a compliant bridge currency for modernized global payment systems.
As Amendment #4 advances through final SEC review, the cryptocurrency market watches whether October 2025 will mark XRP's transformation from speculative digital asset to mainstream institutional investment vehicle with regulated exchange access for traditional portfolios.
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SOURCES
- SEC Filing - Bitwise XRP ETF Registration Statement
- The Block - Grayscale, Bitwise File XRP ETF Amendments
- CryptoBriefing - Bitwise Updates XRP ETF Filing
- The Crypto Basic - XRP ETF SEC Deadlines
- Bloomberg ETF Analyst - 100% Approval Odds
- DL News - XRP ETF Billion-Dollar Prediction
- CCN - XRP ETF Tracker Complete List
- Bitcoinist - XRP ETFs Coming in October Analysis
- Yahoo Finance - XRP Price Prediction Post-ETF
- Coinpedia - Final XRP ETF List and Deadlines
- MEXC Blog - XRP ETF Complete Guide
- CryptoBriefing - SEC Formally Accepts Bitwise Filing
- Blockworks - Bitwise Files for Spot XRP ETF
- TradingView - XRP ETF Flows Predictions
