21Shares Applies for Spot XRP ETF with SEC

Asset manager 21Shares has applied for approval of a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). On Nov. 1, 21Shares submitted a Form S-1 for its Core XRP Trust shares, proposing to list and trade them on the Cboe BZX Exchange. According to the filing, the trust will not provide investors with direct exposure to XRP but instead offers an “opportunity to indirectly access the market.” If approved, Coinbase Custody Trust Company will serve as the custodian for the trust’s XRP holdings. Other asset managers, such as Bitwise, have previously submitted XRP ETF applications