The long-awaited debut of a U.S. spot XRP ETF could arrive sooner than expected. 21Shares, the crypto-focused asset manager, has filed a new document with the Securities and Exchange Commission (SEC) that activates a 20-day countdown for automatic approval—unless the regulator steps in.
- 21Shares’ SEC filing triggers a 20-day countdown to possible automatic approval.
- The XRP ETF would trade on Cboe BZX and track the CME CF XRP Dollar Reference Rate.
- 21Shares also filed for a Hyperliquid (HYPE) ETF, potentially the first leveraged DeFi ETF.
- Franklin Templeton, Bitwise, and Grayscale have all updated XRP and DOGE ETF filings.
The filing, known as Form 8(a), was submitted on Friday and sets the clock ticking toward a potential listing date around November 27. Bloomberg ETF analyst Eric Balchunas confirmed the development, saying the process now depends entirely on whether the SEC intervenes before the timer expires.
How the 21Shares XRP ETF Works
At the heart of the proposal lies the 21Shares XRP Trust, a fund designed to mirror the price performance of XRP without engaging in speculative trading or complex leverage strategies. The product will use the CME CF XRP Dollar Reference Rate (New York Variant) to track market prices and aims to list on the Cboe BZX Exchange.
21Shares just dropped an 8(a) for their spot XRP ETF.. 20 day clock in effect.. pic.twitter.com/YqnC5cJDni
— Eric Balchunas (@EricBalchunas) November 7, 2025
Unlike actively managed crypto funds, this structure focuses purely on exposure to XRP’s value. 21Shares US LLC will act as the initial seed investor, purchasing the first 10,000 shares that will be used to acquire XRP, held by designated custodians. Once trading begins, these shares can later be sold or redeemed to help establish market liquidity.
21Shares Expands Its ETF Pipeline
This isn’t the only product on 21Shares’ growing list. Just days before the XRP filing, the company also submitted an application for an ETF tracking Hyperliquid’s HYPE token—a fund tied to one of the leading decentralized perpetual trading protocols. If approved, it would mark the first leveraged ETF based on a DeFi platform’s performance, signaling a broader shift toward on-chain assets entering traditional markets.
The Zurich- and New York-based firm’s latest filings suggest an aggressive expansion strategy designed to capitalize on the SEC’s faster approval framework introduced earlier this fall.
ETF Filings Surge as Asset Managers Race Ahead
The 21Shares filing lands amid a surge of similar activity across the industry. Franklin Templeton recently listed its own XRP ETF on the DTCC under the ticker XRPZ, while Grayscale Investments updated its XRP-related paperwork. Bitwise, meanwhile, made headlines for filing its own Form 8(a) for a spot Dogecoin ETF, just months after the SEC delayed its earlier application.
According to Balchunas, both the Bitwise DOGE fund and 21Shares’ XRP ETF could theoretically begin trading before the month ends if the automatic approval process runs its course.
A Different SEC, A Faster Rulebook
The current wave of filings reflects how much the regulatory climate has changed under Chair Paul Atkins, who replaced Gary Gensler earlier this year. The SEC introduced new listing standards in September that shortened crypto ETF reviews from 240 days to 75, creating a friendlier environment for token-based funds.
These reforms align with the Trump administration’s broader pro-crypto policies, aimed at positioning the U.S. as a hub for regulated digital-asset investment vehicles. Under Gensler, only Bitcoin and Ethereum had secured spot ETF approval; now, issuers are testing the limits with XRP, Solana, and even DeFi-linked assets like HYPE.
Market Response
The market appears to be responding positively to the news. XRP climbed 4.2% over the last 24 hours to trade at $2.32 on Bitstamp, based on CoinGecko data. Despite the daily gain, the token remains about 7% lower on the week as traders navigate broader market volatility.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/21shares-xrp-etf-nears-launch-as-sec-timer-starts/