SEC posts 21Shares XRP ETF filing with benchmark license details

The SEC posted a Form S-1 for the 21Shares Core XRP Trust on August 26, marking the first time an XRP exchange-traded product has reached the public filing stage in the United States. CoinGecko data shows XRP changed hands at $1.38 at 21:00 UTC, down 5.0% on the day but still 29.2% higher than a week ago. Volume reached $3.53 billion against an $86.3 billion market cap, keeping the token at the fifth-largest position by market value. The seven-day close series, $1.11, $1.31, $1.56, $1.46, $1.48, $1.49, $1.43, shows the rally peaked mid-week before the latest pullback. The filing names CF Benchmarks as the licensed benchmark provider for the XRP Reference Rate, a CFTC-regulated index already used by CME Group for its XRP futures. Coinbase Custody Trust Company will hold the underlying tokens; BNY Mellon will serve as administrator and transfer agent. This custody-admin stack mirrors the template established by the 11 spot bitcoin ETFs that launched in January 2024. | Circulating supply | 62,744.5M XRP | | Before this filing, XRP ETF applications from Bitwise, Canary Capital, and WisdomTree had been acknowledged but not published with full benchmark and custody details. The 21Shares submission moves the process from acknowledgment to substantive review. The SEC has 240 days from publication to approve or disapprove, though it typically acts sooner for products tracking regulated benchmarks. The trust will not stake its XRP holdings, avoiding the yield-and-tax complications that have delayed Ethereum ETF decisions. Redemptions settle in-kind, allowing authorized participants to create or redeem shares against the underlying token. per CoinGecko, management fee has not been disclosed in the initial filing; bitcoin ETFs launched between 0.19% and 0.49%. What to watch: the SEC's first comment letter, typically issued within 30 days, will signal whether the benchmark methodology or custody arrangements require amendment. A 19b-4 exchange rule change filing from Cboe or Nasdaq would be the next public milestone. Figures from the desk show meanwhile, XRP's 29% weekly gain suggests traders priced in filing momentum before the document appeared; the 5% daily drop hints at sell-the-news positioning.