21Shares files S-1 for spot XRP ETF

21Shares has filed documentation for an XRP-based fund amid skepticism about demand for crypto ETFs outside of Bitcoin products.

Cryptoasset manager 21Shares has launched its offering for a spot (XRP) exchange-traded fund as issuers consider more cryptocurrency investment vehicles. The company named its potential offering as 21Shares Core XRP Trust, according to an S-1 form filed with the U.S. Securities and Exchange Commission.

21Shares was the second asset manager to submit official XRP ETF documentation. Bitwise filed a similar application in early October after first registering a Delaware Trust for its XRP fund.

Firms have scrutinized cryptocurrency ETFs backed by altcoins since the launch of spot Ethereum (ETH) funds in July. Canary Capital has filed for a Litecoin (LTC) ETF, and Solana (SOL) rumors persist in crypto social media discussions.

Spot Bitcoin (BTC) ETFs, the world’s top crypto fund class, have been largely successful in their 11 months of trading. BlackRock’s IBIT has surpassed decades-old products in terms of year-to-date volume, and the entire BTC ETF complex has over $72 billion in assets.

Ethereum ETFs have faced modest demand due to less than $10 billion in investor cash. Lackluster spot ETH ETF numbers have raised doubts about whether altcoin funds have a market on Wall Street.

Bitwise CIO Matt Hougan said Ethereum ETFs came “too soon” but will ultimately be successful. Hougan noted that investors are still trying to digest Bitcoin’s message, arguing that institutions will eventually adapt to Ethereum’s value proposition.