CoinShares has taken a major step toward launching the first U.S. spot XRP ETF, filing to list its fund on Nasdaq and setting the stage for a crucial SEC ruling that could reshape institutional access to XRP.
Key Takeaways
- CoinShares filed an S-1 to list its XRP ETF under the ticker XRPL on Nasdaq.
- BitGo was named custodian and Valkyrie Funds LLC will provide seed capital.
- The ETF will not support staking and aims for full regulatory compliance.
- The SEC is expected to rule on several XRP ETF proposals between October 18 and 25.
What Happened?
On October 14, European digital asset manager CoinShares filed with the U.S. Securities and Exchange Commission (SEC) to list a spot XRP exchange-traded fund (ETF) on Nasdaq. If approved, this would be the first of its kind in the United States. The proposed ETF, trading under the ticker XRPL, is designed to provide regulated institutional exposure to XRP while operating within a secure and transparent framework.
🚨 BREAKING 🚨
— The Bit Bunker (@TheBitBunker) October 15, 2025
🌐 #CoinShares files for #XRP ETF on Nasdaq amid $5 billion inflows 🔥
📌 CoinShares has filed to list the CoinShares #XRP ETF on Nasdaq, under the ticker #XRPL. The SEC filing, dated October 14, names BitGo as custodian and Valkyrie Funds as seed investor.… pic.twitter.com/MnD1uOkSK1
CoinShares Moves Toward U.S. XRP ETF Launch
CoinShares’ filing detailed the operational and custodial structure of the proposed ETF, emphasizing its commitment to U.S. compliance standards.
- BitGo has been appointed as the crypto custodian, ensuring secure handling of XRP assets.
- Valkyrie Funds LLC will act as the seed capital provider, though the specific amount invested remains undisclosed.
- U.S. Bank and its affiliates will serve as cash custodian and administrator.
- CSC Delaware Trust Company will act as trustee.
- Paralel Distributors was named the marketing agent.
The ETF will be non-staking, which means investors will not earn staking rewards or yield from participating in the XRP network. While the management fee has not been disclosed, one filing noted the possibility it could eventually be payable in XRP.
CoinShares already operates multiple crypto-based exchange-traded products in Europe and sees this U.S. expansion as a key milestone in bridging the gap between traditional finance and the decentralized finance space. In their statement, the company reaffirmed its mission: “Our mission is to make XRP accessible to institutional investors in the U.S., with a fully compliant, transparent, and secure framework.”
SEC Decision Could Be Pivotal
CoinShares’ application comes at a critical time as the SEC prepares to make decisions on multiple XRP ETF filings. Grayscale is first in line, with additional proposals from 21Shares, Bitwise, WisdomTree, and Canary Capital expected to be reviewed between October 18 and 25.
Analysts believe that if the U.S. government resolves its budget standoff, the SEC could approve several XRP ETFs at once. Jane Whitfield, a prominent crypto market analyst, said, “Approval of multiple XRP ETFs would be a watershed moment, similar to Bitcoin and Ethereum ETFs earlier this year.”
XRP Holding Strong Despite Market Volatility
Even as the broader crypto market undergoes a steep correction, XRP is showing resilience. Last week, XRP funds attracted $61.6 million in institutional inflows, one of the highest figures across all digital assets. At the time of writing, XRP is trading around $2.50, up 1 percent in the past 24 hours, although trading volume is down by 20 percent.
These inflows reflect growing investor anticipation ahead of the SEC decisions, with the CoinShares XRP ETF seen as a potentially game-changing product for institutional portfolios.
CoinLaw’s Takeaway
In my experience covering crypto regulation and institutional adoption, this moment feels like a tipping point. CoinShares is not just throwing its hat into the ETF ring. It is laying down a comprehensive infrastructure that ticks all the right boxes for U.S. regulators. And that’s what sets this filing apart. With BitGo, U.S. Bank, and Valkyrie all onboard, this isn’t just about jumping on a trend. It’s a serious bid to legitimize XRP access for big players.
I found the timing interesting too. Filing just days before the SEC must rule on multiple ETFs shows that CoinShares is aiming to be part of a broader wave. If the SEC gives the green light, we could see XRP join Bitcoin and Ethereum in the ETF spotlight very soon.
