TL;DR
- XRP ETF Structure: CoinShares filed an amended S-1 revealing ticker XRPL, with BitGo as custodian and Valkyrie Funds LLC providing seed capital.
- Regulatory Timeline: SEC decisions on multiple XRP ETF applications, including CoinShares, are expected between October 18 and 25.
- Market Demand: XRP funds saw $61.6 million in inflows last week despite a major crypto market correction, underscoring institutional interest.
CoinShares has taken a significant step toward launching the first U.S. spot XRP ETF, filing an amended S-1 with the Securities and Exchange Commission on October 14. The document outlines the proposed ticker, key partners, and operational structure, signaling readiness for a potential Nasdaq debut as the SEC weighs multiple XRP ETF applications.
XRPL Ticker and Custodian Partnership
The filing confirms that the XRP ETF will trade under the ticker XRPL. BitGo has been appointed as the crypto custodian, while Valkyrie Funds LLC will provide seed capital. Although the management fee remains undisclosed, the amendment suggests it could eventually be payable in XRP, a detail that underscores the fund’s alignment with the underlying asset.
Operational Structure and Service Providers
CoinShares clarified that the trust will not engage in staking programs, meaning investors should not expect staking rewards or additional yield. The filing also identifies CSC Delaware Trust Company as trustee, U.S. Bancorp Fund Services as transfer agent and administrator, Paralel Distributors as marketing agent, and U.S. Bank NA as cash custodian. This broad network of partners reflects a traditional financial framework applied to a digital asset product.
SEC Deadlines and Competitive Landscape
The XRP ETF race is intensifying as the SEC’s final deadline for Grayscale’s application arrives this week. Decisions on proposals from 21Shares, Bitwise, WisdomTree, CoinShares, and Canary Capital are anticipated between October 18 and 25. Analysts suggest the regulator could approve several ETFs simultaneously, particularly if the government shutdown concludes, creating a pivotal moment for XRP’s institutional trajectory.
Market Momentum and Institutional Demand
Despite the broader crypto market experiencing its steepest correction of the year, XRP funds attracted $61.6 million in inflows last week. This resilience highlights strong institutional demand and positions CoinShares’ XRP ETF as a potential beneficiary of shifting capital flows. If approved, the product would extend the momentum of Bitcoin and Ethereum ETFs into the altcoin sector, marking another milestone in digital asset adoption.
