Key Developments in 21Shares XRP ETF Filing
- •21Shares has submitted an SEC filing (Form 8(a)), initiating a 20-day countdown for potential automatic approval of its XRP ETF.
- •The proposed XRP ETF would be listed on the Cboe BZX Exchange and track the CME CF XRP Dollar Reference Rate.
- •21Shares has also filed for a Hyperliquid (HYPE) ETF, which could be the first leveraged DeFi ETF.
- •Other asset managers, including Franklin Templeton, Bitwise, and Grayscale, have also updated their XRP and DOGE ETF filings.
The 21Shares XRP ETF Mechanism
The 21Shares XRP Trust is designed to closely follow the price movements of XRP. This fund will not engage in speculative trading or utilize complex leverage strategies. It will use the CME CF XRP Dollar Reference Rate (New York Variant) for tracking market prices and is intended for listing on the Cboe BZX Exchange. This structure focuses exclusively on providing exposure to XRP's value, distinguishing it from actively managed crypto funds.
Initially, 21Shares US LLC will serve as the seed investor, acquiring the first 10,000 shares. These shares will be used to purchase XRP, which will then be held by designated custodians. After trading commences, these shares may be sold or redeemed to facilitate market liquidity.
21Shares just dropped an 8(a) for their spot XRP ETF.. 20 day clock in effect.. pic.twitter.com/YqnC5cJDni
— Eric Balchunas (@EricBalchunas) November 7, 2025
21Shares' Expanding ETF Portfolio
Beyond the XRP ETF, 21Shares is actively expanding its product offerings. Shortly before the XRP filing, the company submitted an application for an ETF based on Hyperliquid's HYPE token. This fund is linked to a prominent decentralized perpetual trading protocol. If approved, it would represent the first leveraged ETF tracking the performance of a DeFi platform, indicating a growing trend of on-chain assets entering traditional financial markets.
This aggressive expansion strategy from the Zurich- and New York-based firm appears to be designed to take advantage of the SEC's revised, faster approval framework introduced earlier this fall.
Industry-Wide Surge in ETF Filings
The 21Shares filing coincides with a significant increase in similar applications across the industry. Franklin Templeton has already listed its XRP ETF on the DTCC under the ticker XRPZ, and Grayscale Investments has updated its XRP-related documentation. In parallel, Bitwise has filed its own Form 8(a) for a spot Dogecoin ETF, following a period where the SEC had previously delayed its application.
According to industry analysts, both the Bitwise DOGE fund and 21Shares' XRP ETF have the potential to begin trading before the end of the month if the automatic approval process proceeds without SEC intervention.
Regulatory Shift Under New SEC Leadership
The current surge in ETF filings reflects a notable shift in the regulatory environment, influenced by Chair Paul Atkins, who succeeded Gary Gensler earlier this year. The SEC implemented new listing standards in September, reducing the review period for crypto ETFs from 240 days to 75 days. This change has fostered a more favorable environment for token-based funds.
These regulatory adjustments are consistent with the broader pro-crypto policies of the Trump administration, which aim to establish the U.S. as a central hub for regulated digital-asset investment vehicles. Under Gary Gensler's leadership, only Bitcoin and Ethereum spot ETFs received approval. Now, issuers are actively exploring the possibilities with assets like XRP, Solana, and even DeFi-related assets such as HYPE.
Market Reaction to the News
The market has shown a positive response to the latest developments. XRP experienced a 4.2% increase over the past 24 hours, trading at $2.32 on Bitstamp, according to CoinGecko data. Despite this daily gain, the token is still down approximately 7% for the week, as traders navigate overall market volatility.