- Cboe BZX Exchange filed Form 19b-4 with the SEC to list spot XRP ETFs for Bitwise, 21Shares, Canary Funds, and WisdomTree.
- Grayscale also joined, filing for its own XRP ETF.
- Polymarket puts the odds of approval in 2025 at 80%, with JPMorgan projecting $6–8 billion in revenue within a year if approved.
The Cboe BZX Exchange has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC), seeking approval to list and trade spot XRP exchange-traded funds (ETFs). The filings cover ETFs proposed by asset managers Bitwise Investment, 21Shares, Canary Funds, and WisdomTree.
In a significant development, Grayscale has also submitted a 19b-4 application for an XRP ETF, signaling a growing push from institutional players to introduce XRP-based financial products.
What Does Form 19b-4 Mean for XRP ETFs?
Form 19b-4 is the standard procedure for stock exchanges to propose rule changes to the SEC, essential for the introduction of new financial products like ETFs. However, as Fox Business reporter Eleanor Terrett pointed out, the filing itself does not guarantee SEC approval.
Once the SEC acknowledges the filing, it triggers a 240-day review period during which the agency must decide to approve or deny the proposed ETFs. If approved, these filings could pave the way for XRP to become a tradable ETF, significantly increasing its exposure to institutional investors.
The potential impact of an XRP ETF is substantial. A JPMorgan report estimates that such a product could generate between $6 billion and $8 billion in revenue within its first 6 to 12 months of trading.
On the prediction platform Polymarket, the odds of an XRP ETF approval in 2025 are strikingly high at 80%, reflecting strong market optimism about the likelihood of regulatory acceptance.
SEC’s Recent Moves Could Benefit XRP
This development follows the SEC’s acknowledgment of NYSE’s 19b-4 filings for Grayscale’s Litecoin (LTC) and Solana (SOL) ETFs. The acknowledgment for Solana is particularly notable, as it was previously classified as a security—similar to XRP’s regulatory status under the prior administration.
“This MAY be a good sign for other assets like XRP that were deemed securities under the prior administration that could now be getting a second look,” Terrett wrote on X.
However, Cboe’s amended filings for a Solana ETF have yet to receive SEC acknowledgment, highlighting that the regulatory path for crypto ETFs remains uncertain.
