SEC feedback on Ripple’s case sparks surge in spot XRP ETF filings

Crypto investors are closely watching as spot XRP ETFs edge nearer to potential approval in the U.S. This week, Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree all submitted amendments to their proposed spot XRP ETFs, signaling that issuers are actively responding to U.S. Securities and Exchange Commission (SEC) feedback.

Although the SEC has yet to greenlight any spot XRP ETFs, analysts say the coordinated filings reflect progress. Bloomberg ETF analyst James Seyffart wrote on X that the updates are “almost certainly due to feedback from SEC,” describing the move as a “good sign” even if largely expected.

“The clustering of filings suggests issuers are adjusting structures in line with the SEC’s guidance,” — James Seyffart, ETF Analyst, Bloomberg Intelligence.

Adjustments to fund structures

The revised proposals appear to incorporate flexible mechanisms for creation and redemption, with issuers allowing for both cash and in-kind options rather than relying exclusively on cash transactions. Industry observers view this as a significant step toward aligning crypto ETFs with traditional fund structures.

Nate Geraci, president of The ETF Store, called the filings “highly notable.” In a statement, he said: “This is a very good sign for the prospects of eventual approval, though it’s not yet a guarantee.”

Despite this momentum, the world’s largest ETF manager, BlackRock, has yet to enter the race for spot XRP ETFs. BlackRock has already launched the first U.S. spot Bitcoin and Ethereum ETFs but confirmed earlier this month that it has no current plans to pursue an XRP product.

XRP responded positively to the developments, rising 7% on Friday to trade at $3.08. Analysts say the filing activity could help reinforce bullish sentiment in the asset.

Solana ETF proposals expand the field

While the focus remains on spot XRP ETFs, innovation is accelerating across the broader digital asset ETF market. VanEck has filed an application for a JitoSOL ETF, which would be the first Solana fund fully backed by a liquid staking token (LST). The proposed ETF would track JitoSOL, a token representing SOL staked on the Solana blockchain.

The Jito Foundation, which supports the proposal, welcomed recent regulatory clarity. “That clarity opens a compliant path for ETF sponsors to use LSTs,” the foundation said in a blog post on Friday, referring to the SEC’s confirmation that liquid staking and protocol staking do not constitute securities transactions.

In parallel, REX-Osprey became the first ETF issuer to integrate staking rewards into a Solana fund, partnering with JitoSOL earlier this month. At press time, Solana (SOL) was trading at $199, up nearly 10% in 24 hours, reflecting renewed investor appetite for staking-linked products.

Grayscale pushes forward with Dogecoin ETF

Alongside the wave of spot XRP ETFs, Grayscale is expanding its lineup with a Dogecoin product. The company confirmed plans to rename its existing Grayscale Dogecoin Trust to the Grayscale Dogecoin Trust ETF, securing the ticker “GDOG” in its latest SEC filing.

“The shares are expected to be listed on NYSE Arca under the ticker symbol ‘GDOG,’” — Grayscale, SEC filing.

The move places Grayscale in direct competition with Rex-Osprey and Bitwise, which have also submitted applications for Dogecoin ETFs. The SEC is currently reviewing dozens of digital asset ETF filings, underscoring the scale of institutional demand for regulated crypto investment vehicles.

What comes next for XRP investors

For crypto investors, the simultaneous filings highlight a critical turning point. While BlackRock’s absence leaves an open question about long-term competition, the fact that seven firms have updated proposals in tandem underscores market confidence that spot XRP ETFs may be closer to approval than ever before.

“The SEC’s willingness to consider in-kind and hybrid structures gives issuers more flexibility and investors more security,” said Geraci. “If this trend continues, it’s only a matter of time before we see the first approvals.”

With XRP climbing on renewed optimism and Solana staking ETFs entering the conversation, analysts say the regulatory landscape is broadening. For now, the cluster of filings ensures that spot XRP ETFs remain at the center of attention for investors positioning ahead of a possible breakthrough.