CoinShares is making a bold play to open institutional access to XRP in the United States.
The European asset manager has filed an application with the Securities and Exchange Commission to list a spot XRP exchange-traded fund (ETF) on Nasdaq, proposing to trade under the ticker XRPL.
A Push for Regulated XRP Exposure
The filing, submitted on October 14, outlines an intricate framework designed to meet U.S. compliance and custody standards. BitGo has been selected as digital custodian, while Valkyrie Funds will provide seed investment. U.S. Bank and its affiliates will manage both cash and fund administration, and Paralel Distributors will handle market outreach. The ETF will track XRP’s spot price directly, without engaging in staking or yield-generating activities.
CoinShares said the initiative aims to create “a transparent and fully regulated structure” that would allow American institutions to hold XRP exposure through a familiar financial vehicle. The company already manages several crypto-based ETPs in Europe and views this expansion as part of a broader effort to bring digital assets into the mainstream financial ecosystem.
The timing of the proposal places CoinShares in the center of a regulatory crunch. The SEC is set to rule on multiple spot XRP ETF filings in October, with Grayscale first in line, followed by submissions from 21Shares, Bitwise, WisdomTree, and Canary Capital later this month. These rulings could mark a defining moment for how XRP is treated under U.S. securities law and whether institutional adoption accelerates.
