- Cboe files for spot XRP ETFs from Bitwise, 21Shares, among others.
- JPMorgan expects $6-8 billion in revenue if XRP ETFs are approved.
The Cboe BZX Exchange has actually submitted Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) to list and trade spot XRP exchange-traded funds (ETFs) on its listing plant. The asset managers who made the filings include Bitwise Investment, 21Shares, Canary Funds, and WisdomTree. Grayscale also threw its hat into the ring with a filing for an XRP ETF.
Form 19b-4 is the filing that stock exchanges must make to implement rule changes necessary for the introduction of new financial products. The SEC must now review the filing within a 240-day period, though approval is not guaranteed. There is significant market optimism, with Polymarket putting the chances of XRP ETF approval in 2025 at 80%.
Cboe Seeks SEC Approval for Spot XRP ETFs
Approved ETFs would allow institutional investors a regulatory-compliant entrance into XRP. A report by JPMorgan has forecasted revenue at between $6 billion and $8 billion from the first year of trading based on the product, due to high demand for XRP-based financial products.
The move comes in the wake of the SEC’s approval of Form 19b-4 filings for Litecoin (LTC) and Solana (SOL) ETFs from the NYSE. The most important one here is the Solana filing because, until now, the SEC has considered it a security. It has triggered many speculations about other cryptocurrencies like XRP also being considered positively under the present administration.
Fox Business reporter Eleanor Terrett said that these filings do not guarantee approval by the SEC. But at least, it signals a shift in attitude of regulatory bodies regarding their acceptance of the crypto ETFs. Meanwhile, Cboe has separately submitted filings for Solana ETF but remain unrecognized; thus, ambiguity still lingers around crypto ETFs.
This would make an XRP ETF a huge step for institutional acceptance, which in turn would give the asset new legitimacy and liquidity. During the process of review by the SEC, the market participants will be closely watching out for the first sign that could potentially go on to transform the place of XRP in the traditional financial space.
