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21Shares has filed documents for an XRP-based fund amid skepticism toward crypto ETF demand outside Bitcoin products.
Crypto asset manager 21Shares launched its bid for a spot (<a href="https://crypto.news/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP</a>) exchange-traded fund as issuers considered more cryptocurrency investment vehicles. The company dubbed its potential offering the 21Shares Core XRP Trust, according to an <a href="https://www.sec.gov/Archives/edgar/data/2028835/000121390024093305/ea0219336-01.htm" target="_blank" rel="noopener noreferrer nofollow">S-1 form</a> sent to the U.S Securities and Exchange Commission.
21Shares was the second wealth manager to file formal XRP ETF papers. Bitwise <a href="https://crypto.news/bitwise-submits-xrp-etf-bid-with-sec/" target="_blank" rel="noopener noreferrer nofollow">submitted</a> a similar application in early October, after first <a href="https://crypto.news/bitwise-files-xrp-etf-in-delaware/" target="_blank" rel="noopener noreferrer nofollow">registering</a> a Delaware Trust for its XRP fund.
Firms have eyed cryptocurrency ETFs underpinned by altcoins since spot Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) funds debuted in July. Canary Capital <a href="https://crypto.news/valkyrie-alumnus-founded-canary-bids-for-spot-litecoin-etf/" target="_blank" rel="noopener noreferrer nofollow">filed</a> for a Litecoin (<a href="https://crypto.news/price/litecoin/" target="_blank" rel="noopener noreferrer nofollow">LTC</a>) ETF, and rumors of a Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>) have persisted in crypto social media discussion.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/blackrocks-ibit-registers-318-8m-inflows-despite-bitcoin-falling-below-69k/"> BlackRock’s IBIT registers $318.8m inflows despite Bitcoin falling below $69K </a>
Spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) ETFs, the world’s top crypto fund class, have been largely successful in their 11 months of trading. BlackRock’s IBIT <a href="https://crypto.news/blackrocks-26b-bitcoin-etf-crowned-fastest-growing-fund/" target="_blank" rel="noopener noreferrer nofollow">beat</a> decades-old products in year-to-date volume, and the entire BTC ETF complex has over $72 billion in assets.
Ethereum ETFs have experienced modest demand in comparison, with less than $10 billion in investor cash. The lackluster spot ETH ETF numbers have spurred doubts about whether altcoin funds have a market on Wall Street.
Bitwise CIO Matt Hougan said Ethereum ETFs came “too early” but will ultimately succeed. Hougan <a href="https://crypto.news/bitwise-cio-ethereum-etfs-came-too-early/" target="_blank" rel="noopener noreferrer nofollow">noted</a> that investors were still digesting Bitcoin’s message, arguing that institutions would eventually adjust to Ethereum’s value proposition.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/strive-ventures-into-bitcoin-with-new-wealth-management-division/"> Strive ventures into Bitcoin with new wealth management division </a>

21Shares files S-1 for spot XRP ETF

crypto.news

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