CoinShares Races Toward Nasdaq Listing with XRP ETF SEC Filing

CoinShares has officially advanced its bid for a spot XRP exchange-traded fund (ETF) by submitting updated documentation to the U.S. Securities and Exchange Commission (SEC). The filing has accelerated CoinShares’ efforts to list the ETF on Nasdaq under the ticker symbol ‘XRPL.’ With the SEC’s ruling on this filing expected next week, and a decision on Grayscale’s XRP ETF due imminently, the cryptocurrency community is closely monitoring these pivotal events.

CoinShares XRP ETF: Key Filings and Strategic Partnerships

The SEC filing, disclosed on October 14, presents CoinShares’ intent to manage the spot XRP ETF under the ticker ‘XRPL.’ While specific management fees remain undisclosed, the filing contains unique provisions that set this ETF apart. For example, sponsor fees might be paid in XRP, though the exact terms of this arrangement have not yet been detailed.

Custodianship and Investment Infrastructure

The ETF's filing reveals BitGo as the designated custodian, responsible for safeguarding the XRP assets. Additionally, Valkyrie Funds has been identified as the initial capital provider for the project, though no information regarding the specific volume of XRP acquired by Valkyrie has been revealed yet.

The filing also clarifies that the XRP ETF will exclude participation in staking programs, stating: “The Trust will not participate, directly or indirectly, in any form of staking programs. Investors, therefore, will not receive staking rewards or any other type of revenue.” This detail underscores the ETF’s positioning as strictly focused on spot-market investments, avoiding additional complexities like staking incentives.

Several other critical players in the ETF’s operational framework have been named in the filing:

• CSC Delaware Trust Company: Trustee of the ETF.
• U.S. Bancorp Fund Services: Transfer and administrative agent.
• Parallel Distributors: Marketing agent for the product.
• U.S. Bank National Association: Cash custodian.

These partnerships reinforce CoinShares’ commitment to robust custodial and administrative oversight as the ETF edges closer to potential approval.

The Pending SEC Decision: What’s at Stake?

The SEC is currently reviewing six separate spot XRP ETFs, including applications from Grayscale, 21Shares, Bitwise, WisdomTree, CoinShares, and Canarie Capital. The final deadlines for these approvals fall between October 18 and October 25. Analysts believe there is a high likelihood of simultaneous, blanket approvals for XRP ETFs as soon as external obstacles—such as the U.S. government shutdown—are resolved.

Market Sentiment and Institutional Optimism

Institutional appetite for XRP-focused investment vehicles remains robust, even in the face of broader cryptocurrency market volatility. Last week, XRP-oriented funds posted net inflows totaling $61.6 million, reflecting sustained institutional interest.

XRP’s current price performance further underscores this positive sentiment. The cryptocurrency is trading around $2.50, reflecting a modest 1% rebound over the past 24 hours. Within the same timeframe, the trading price ranged between $2.41 and $2.53, although overall trading volume experienced a 20% decline compared to the previous day.

What ETF Approval Could Mean for XRP and the Crypto Market

The potential approval of one or more spot XRP ETFs represents a watershed moment for XRP, with significant implications for its adoption in mainstream financial markets. Analysts suggest that approval could boost confidence and liquidity in the XRP ecosystem, positioning the cryptocurrency for heightened integration within institutional portfolios.

Furthermore, the ETF greenlight could serve as a pivotal trigger for a broader crypto market recovery. Investors and market participants eagerly await the SEC’s decision as it could establish a new benchmark in crypto-focused financial products and potentially ignite the next market rally.