$XRP

XRP ETF Race Accelerates: Multiple Issuers Target November Launch

XRP ETF race heats up as Canary, Bitwise & Franklin Templeton file updated S-1s with shortened 8(a) language. Following Solana/LTC/HBAR playbook, multiple XRP ETFs could launch mid-November if SEC doesn't object.

The Ripple Effect

04 Nov 2025 — 7 min read

$XRP ETF Race Accelerates: Multiple Issuers Target November Launch$

A wave of asset managers is rushing to bring XRP spot ETFs to market, with Canary Funds, Bitwise, and Franklin Templeton all filing updated S-1 registration statements this week using shortened Section 8(a) language. The coordinated move signals that multiple XRP ETFs could launch as early as mid-November, following the successful deployment of the same strategy for Solana, Litecoin, and Hedera ETFs last week.

And another one. So far we’ve got @CanaryFunds, @BitwiseInvest and now @FTI_US updating their $XRP S-1s. https://t.co/xYKFq1PXSp
— Eleanor Terrett (@EleanorTerrett) November 4, 2025

The Strategy Behind the Rush

According to FOX Business journalist Eleanor Terrett and Bloomberg ETF analyst James Seyffart, ETF issuers are leveraging Section 8(a) of the Securities Act of 1933, which allows registration statements to become automatically effective after 20 calendar days unless the SEC intervenes. By removing or shortening the "delaying amendment" language—which typically gives the SEC control over timing—these issuers are essentially starting a countdown clock.

Terrett reported that Canary Funds removed the delaying amendment from its S-1 filing entirely, positioning the fund for a potential November 13 launch if NASDAQ approves its Form 8-A filing. Seyffart noted that Bitwise's latest filing contains "shorter language" that could enable a 20-day automatic effectiveness window, while Franklin Templeton filed similar updates on November 4.

This isn't an untested approach. Seyffart and fellow Bloomberg analyst Eric Balchunas observed that Canary's Litecoin and HBAR ETFs, along with Bitwise's Solana Staking ETF, all launched in late October using this exact mechanism—even during a partial government shutdown.

Proven Success: The Altcoin ETF Precedent

The strategy has already demonstrated significant institutional appeal. Bitwise's Solana Staking ETF attracted $417 million in net inflows during its first week, according to Balchunas, making it one of the most successful crypto ETF launches in 2025.

Canary Capital CEO Steven McClurg stated: "This marks another turning point in a pivotal year for the cryptocurrency sector. Canary is extremely proud to have fulfilled its mission: offering registered cryptocurrency investment solutions to the general public."

The automated approval process worked because exchanges like NASDAQ and NYSE certified Form 8-A filings, officially registering the ETF shares for public trading. This alternative route bypassed the traditional extended SEC review process that previously delayed crypto ETF approvals for months.

Why XRP ETFs Matter Now

The timing represents a watershed moment for XRP. After years of legal battles between Ripple and the SEC over the token's classification, regulatory clarity has improved significantly. Judge Analisa Torres's 2023 ruling found that XRP sales on secondary markets did not constitute securities transactions—a critical distinction that paved the way for commodity-based ETF structures.

Bloomberg analysts Seyffart and Balchunas have assigned a 65% probability to XRP ETF approvals in 2025. However, these are analyst predictions, not certainties. JPMorgan analysts have projected that once approved, XRP ETFs could attract $4-8 billion in institutional inflows, though this remains speculative and depends on market conditions and investor appetite.

The Competitive Field

Beyond the three issuers making moves this week, a broader group of asset managers has pending XRP ETF applications, including:

Grayscale Investments - Converting existing XRP Trust to ETF structure
21Shares - Filed 19b-4 form through CBOE BZX Exchange
WisdomTree - Pending S-1 registration statement
CoinShares - Application under SEC review
VanEck - Recently filed amended documents

All three issuers moving forward this week have strong institutional credentials:

Canary Funds - Founded by former Valkyrie CIO, specializing in alternative crypto products. Already successfully launched Litecoin and HBAR ETFs using the 8(a) strategy.

Bitwise - Crypto-focused asset manager that has become a major player in digital asset ETFs. Its Solana Staking ETF (BSOL) recorded nearly $130 million in trading volume on its first day and offers 100% direct exposure to SOL with staking yields.

Franklin Templeton - One of the world's largest asset managers with approximately $1.5 trillion in assets under management. Previously filed for Solana ETFs and launched Bitcoin and Ethereum ETFs following regulatory approvals. The XRP Trust would trade on CBOE BZX Exchange with Coinbase Custody as custodian.

What Could Happen Next

Best-case scenario: If the SEC doesn't object and exchanges approve Form 8-A filings:

Canary's XRP ETF could become effective around November 13
Bitwise's product could follow between November 19-20
Franklin Templeton's ETF would launch within its own 20-day window

Realistic complications:

The SEC retains full authority to halt any ETF if concerns arise
Exchange approvals aren't guaranteed
Historical crypto ETF reviews have been unpredictable despite optimistic timelines
Market volatility could impact launch conditions

Balchunas noted that while XRP ETF filings didn't undergo the same extensive comment rounds with the SEC that Solana ETFs experienced, the strategy of using automatic effectiveness is "worth a try." This suggests some uncertainty remains about whether the approach will work as smoothly for XRP as it did for other altcoins.

Market Impact: Hype vs. Reality

XRP currently trades around $2.50, well below its mid-January 2025 all-time high of $3.25. The question is whether ETF launches will catalyze price momentum or follow the more muted pattern seen with other altcoin ETFs.

Potential benefits of XRP ETF approval:

Traditional investors gain simplified access through standard brokerage accounts
Institutional participation could increase liquidity
Regulatory legitimacy as an investable commodity-based asset
Reduced security concerns compared to self-custody solutions

Important reality checks:

Ethereum ETFs saw slower initial adoption than Bitcoin ETFs, with more modest inflows
Canary's Litecoin and HBAR ETFs saw minimal trading activity initially, with subdued debuts highlighting limited institutional interest in some altcoins
Some inflows to new ETFs represent asset reallocation rather than fresh capital—Solana's strong ETF inflows didn't translate to immediate SOL price gains
Competition among multiple XRP ETF issuers will fragment market share

It's crucial to understand: Ripple's business operations, XRP's utility in cross-border payments, and overall crypto market conditions will remain the primary drivers of XRP's value. ETF approval improves accessibility for traditional investors but doesn't fundamentally change XRP's underlying technology, adoption trajectory, or competitive positioning.

Regulatory Considerations

While the 8(a) automatic effectiveness provision offers a faster path to market, significant regulatory questions remain:

The SEC's position: SEC Chair Gary Gensler previously stated that Bitcoin ETF approval was "cabined to ETPs holding one non-security commodity" and wouldn't set precedent for other crypto assets. While the regulatory environment has become more favorable under new leadership, the SEC's evolving stance on crypto remains a critical variable.

Market surveillance requirements: The SEC requires evidence of adequate market surveillance to prevent manipulation. XRP's trading occurs across multiple global exchanges, and the SEC will assess whether surveillance-sharing agreements provide sufficient protection.

Commodity vs. security classification: The success of these ETF applications relies on XRP being treated as a commodity rather than a security. While court rulings have supported this view for secondary market sales, the classification remains technically unresolved at the federal level.

The Bigger Picture: Altcoin ETF Expansion

The coordinated rush to launch XRP ETFs represents a broader shift in institutional crypto adoption. Following Bitcoin ETF approvals in January 2024 and Ethereum ETF launches in July 2024, asset managers have increasingly sought to diversify beyond the two dominant cryptocurrencies.

As of October 2025, there were 155 active ETF filings across 35 cryptocurrencies, according to Bloomberg data. Solana and Bitcoin led with 23 filings each, followed by XRP and Ethereum.

Bitwise President Teddy Fusaro explained the institutional interest: "Solana has the solution to the scale and speed challenges that have been talked about for so long, making it the next major protocol after Ethereum." Similar arguments apply to XRP's cross-border payment utility and transaction speed.

What Investors Need to Know

First-mover advantage matters: In the competitive ETF landscape, being first to market often determines long-term success, as early entrants capture brand recognition and assets under management that become difficult to displace.

Not all ETFs succeed equally: The divergent performance between Bitwise's Solana ETF ($417 million first-week inflows) and Canary's Litecoin/HBAR ETFs (minimal activity) demonstrates that launch success depends on underlying asset popularity and institutional appetite.

Regulatory risk remains real: Despite the optimism surrounding automatic effectiveness, the SEC maintains full authority to delay or halt ETF launches. Previous crypto ETF approvals have faced unexpected obstacles even at late stages.

XRP's unique positioning: Unlike purely speculative cryptocurrencies, XRP has established utility in Ripple's cross-border payment network and partnerships with financial institutions. This practical use case differentiates XRP ETFs from meme coin or purely speculative altcoin products.

Timeline: What to Watch

This week: Monitor whether the SEC issues comments or objections to the updated S-1 filings from Canary, Bitwise, and Franklin Templeton.

Mid-November: If automatic effectiveness proceeds smoothly, Canary's XRP ETF could begin trading around November 13, with Bitwise and Franklin Templeton following within days.

End of November: If all three launch successfully, observers will track first-week trading volumes and inflows to gauge institutional demand.

Looking ahead: Additional issuers, including Grayscale, 21Shares, and VanEck could accelerate their own filings if the first wave succeeds, potentially creating a November-December cluster of XRP ETF launches.

Bottom Line

The simultaneous move by Canary Funds, Bitwise, and Franklin Templeton to file updated XRP ETF applications using shortened 8(a) language represents a calculated bet on regulatory momentum. By following the successful playbook from recent Solana, Litecoin, and Hedera ETF launches, these issuers are positioning to bring XRP products to market as early as mid-November.

However, this is far from a done deal. The SEC can still intervene, exchanges must grant final approvals, and market reception remains uncertain. While the strategy has proven successful for other altcoin ETFs, XRP's regulatory history and market dynamics create unique variables.

If multiple XRP ETFs do launch this month, they'll mark a significant milestone for institutional crypto adoption and provide traditional investors their first regulated access to XRP. But investors should remain cautious about overhyping near-term price impacts, as recent altcoin ETF launches have shown that institutional products don't automatically translate to sustained price rallies.

The race is on—but the finish line isn't guaranteed.

Sources

DISCLAIMER: This newsletter is for informational purposes only and does not constitute investment advice, advertising, or a recommendation to buy, sell, or hold any securities. This content is not sponsored by or affiliated with any of the mentioned entities. Investments in cryptocurrencies or other financial assets carry significant risks, including the potential for total loss, extreme volatility, and regulatory uncertainty. Past performance is not indicative of future results. Always consult a qualified financial professional and conduct thorough research before making any investment decisions.