Seven leading companies specializing in exchange-traded funds (ETFs) have simultaneously submitted updated versions of their S-1 applications for the launch of spot XRP ETFs. This move was made on August 22, 2025, and among the issuers are well-known market players such as Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree.
This is reported by Finway
Details of the Application Updates and Expert Reactions
Bloomberg Intelligence analyst James Seyffart explained that the changes to the applications were likely a result of active feedback from the U.S. Securities and Exchange Commission (SEC). According to him, such actions indicate that the regulator is closely collaborating with the companies and the approval process for ETF products is moving forward. Seyffart emphasized that this is a positive sign for the market, although it is expected at this stage.
Many issuers are updating their applications for XRP ETF registration today. Almost certainly due to feedback from the SEC. A good sign, but also mostly expected
According to information from the new S-1 application by Bitwise, the SEC paid particular attention to the mechanisms for issuing and redeeming trust shares. Specifically, the issuer added the ability to conduct these operations not only in kind but also in cash. This aspect had previously caused difficulties during the launch of spot bitcoin ETFs.
Review Timelines and Approval Predictions
The SEC has already set a deadline for making decisions on most applications for spot XRP ETFs—this is mid-October 2025. Similar timelines have been established for other altcoin-based ETFs. This schedule aligns with previous predictions by James Seyffart, who believes that the regulator is likely to approve these funds no earlier than the fourth quarter of the current year.
Seyffart also noted that the SEC’s request for amendments to the documents was predictable and expected at this stage of the process. Experts at Kaiko Research point out that XRP ETFs could potentially receive approval first among similar products in the market.
The head of The ETF Store, Nate Geraci, shared the opinion that the regulator may give the “green light” to spot altcoin ETFs in the coming months, and the staking issue for existing Ethereum ETFs could be resolved at any time.