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The long-awaited debut of the U.S. spot XRP ETF could happen sooner than expected. 21Shares, an asset management company specializing in cryptocurrencies, has filed a new document with the Securities and Exchange Commission (SEC) enabling a 20-day countdown for automatic approval unless regulators intervene.
- 21Shares’ filing with the SEC begins a 20-day countdown to possible automatic approval.
- The XRP ETF trades on the Cboe BZX and tracks the CME CF XRP Dollar Reference Rate.
- 21Shares also filed for the Hyper Liquid (HYPE) ETF, likely the first leveraged DeFi ETF.
- Franklin Templeton, Bitwise, and Grayscale have all updated their XRP and DOGE ETF applications.
of filingThe document, known as a Form 8(a), was filed Friday, with the clock ticking toward a potential listing date around Nov. 27. Bloomberg ETF analyst Eric Balciunas confirmed this development, saying the process now depends on the SEC intervening before the timer runs out completely.
How 21Shares XRP ETF works
At the heart of this proposition is the 21Shares XRP Trust, a fund designed to reflect the price performance of XRP without speculative trading or complex leverage strategies. The product uses the CME CF XRP dollar reference rate (New York variant) to track market prices and aims to be listed on the Cboe BZX exchange.
21Shares dropped 8(a) on spot XRP ETF. Validity period is 20 days. pic.twitter.com/YqnC5cJDni
— Eric Balchunas (@EricBalchunas) November 7, 2025
Unlike actively managed crypto funds, this structure focuses purely on exposure to the value of XRP. 21Shares US LLC will serve as the initial seed investor and purchase the first 10,000 shares used in the acquisition. XRPstored by the designated custodian. Once trading begins, these shares can be sold or redeemed later to establish market liquidity.
21Shares Expands ETF Pipeline
This isn’t the only product on 21Shares’ growing list. Days before the XRP application, the company also filed an application for an ETF to track Hyperliquid’s HYPE token, a fund tied to one of the leading decentralized perpetual trading protocols. If approved, it would be the first leveraged ETF based on the performance of a DeFi platform, signaling a broader migration of on-chain assets to traditional markets.
The Zurich- and New York-based company’s latest filings signal an aggressive expansion strategy aimed at taking advantage of the SEC’s faster approval framework introduced earlier this fall.
ETF applications surge as asset management companies scramble to stay ahead
21Shares’ filing comes amid a surge in similar activity across the industry. Franklin Templeton recently listed its XRP ETF on the DTCC under the ticker XRPZ, and Grayscale Investments updated its XRP-related paperwork. Meanwhile, Bitwise made headlines by filing its own Form 8(a) for the Spot Dogecoin ETF, just months after the SEC delayed its previous filing.
According to Balchunas, the Bitwise DOGE fund and 21Shares’ XRP ETF could theoretically start trading by the end of the month once the automatic approval process is completed.
Different SEC, faster rulebook
The current wave of applications reflects how much the regulatory environment has changed under Commissioner Paul Atkins, who replaced Gary Gensler earlier this year. The SEC introduced new listing standards in September, reducing the review period for crypto ETFs from 240 days to 75 days, creating a more friendly environment for token-based funds.
These reforms are consistent with the Trump administration’s broader pro-cryptocurrency policy aimed at positioning the United States as a hub for regulated digital asset investment vehicles. Under the Gensler administration, only Bitcoin and Ethereum received spot ETF approval. Currently, issuers are testing the limits with DeFi-linked assets like XRP, Solana, and even HYPE.
market reaction
The market seems to be reacting positively to this news. Based on CoinGecko data, XRP rose 4.2% in the past 24 hours and traded at $2.32 on Bitstamp. Despite the daily gains, the token remains around 7% lower on the week as traders ride out broader market volatility.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over eight years of experience covering the crypto, blockchain and fintech industries, he is well-versed in the complex and evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and detailed content. Follow his publications to stay up to date on the most important trends and topics.