21shares, an asset management firm specializing in digital assets, filed a registration statement for the “21shares Core XRP Trust” with the U.S. Securities and Exchange Commission (SEC) on Friday. The filing details:
The 21shares Core XRP Trust is an exchange-traded fund that issues common shares of beneficial interest that are anticipated to be listed on the Cboe BZX Exchange Inc.
The trust aims to track the price of XRP with daily valuations. Coinbase Custody Trust Company LLC will serve as the custodian, securely holding the trust’s XRP holdings in regulated storage facilities.
The filing further explains: “The trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of XRP.” The creation and redemption of shares will be available only to approved financial entities, known as authorized participants, who will use a cash-based settlement method instead of direct XRP handling.
The designation of the trust as an “emerging growth company” under the Jumpstart Our Business Startups Act permits certain exemptions from extensive reporting obligations, making it more accessible to investors. With the ongoing debate over XRP’s regulatory status, 21shares offers a means for indirect XRP exposure, designed for regulated investment without the complexities of direct asset custody.
In addition to 21shares, Bitwise Asset Management filed for an XRP spot ETF with the SEC on Oct. 2. Bitwise CEO Hunter Horsley described XRP as “one of the most enduring, well-known assets in the space,” emphasizing its appeal to mainstream investors. Last month, Canary Capital Group LLC also submitted a registration statement for a Canary XRP ETF, offering indirect XRP access via traditional brokerages. Ripple CEO Brad Garlinghouse recently expressed confidence that the SEC will approve spot XRP ETFs by next year, noting a shift toward regulatory pragmatism following the SEC’s court setbacks. Nonetheless, the SEC remains in an ongoing legal dispute with Ripple over XRP.
