The momentum follows Ripple’s legal victory in August, which cleared major regulatory hurdles and restored optimism around institutional adoption of XRP.
ProShares became the first mover, winning SEC approval in July for its Ultra XRP ETF. Launched on the NYSE Arca on July 18, the fund provides 2x leveraged exposure to XRP futures, marking a historic milestone for the asset.
A flood of spot XRP ETFs now awaits final judgment. Grayscale is seeking to convert its XRP Trust into an ETF, with a decision deadline set for October 18, 2025. Just a day later, the SEC must rule on 21Shares’ Core XRP Trust, followed by Bitwise on October 20.
The schedule continues with Canary Capital’s filing due October 24, WisdomTree on October 25, and both Franklin Templeton and CoinShares on the same date. Each of these proposals seeks to provide direct, regulated exposure to XRP, mirroring the structure of Bitcoin and Ethereum spot ETFs approved in prior years.
Other issuers are also waiting in line. RexShares, in partnership with Osprey, submitted an XRP ETF proposal earlier this year, though its July 25 deadline was delayed. Meanwhile, Volatility Shares is seeking approval for both a 1x XRP futures ETF and a 2x leveraged product, though its review timeline was similarly pushed back.
Industry observers believe the SEC will eventually issue a standardized framework to handle the wave of crypto ETF proposals. Nate Geraci, president of NovaDius Wealth Management, recently told CNBC he expects such a framework to cover XRP alongside other major assets like Solana, Cardano, and HBAR, helping bring clarity to a rapidly expanding market.
With so many applications converging on late October deadlines, the SEC’s rulings could determine whether XRP follows Bitcoin and Ethereum into the mainstream ETF era — or faces further delays that prolong uncertainty.
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