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Two major asset managers, Bitwise and Grayscale, are moving forward with their XRP and Dogecoin ETFs despite not having received formal approval from the U.S. Securities and Exchange Commission (SEC). The firms recently revealed management fees for their upcoming funds, signaling confidence in their plans even as the SEC remains inactive due to the ongoing government shutdown.
Bitwise has proposed a 0.34% management fee for its XRP ETF, while Grayscale intends to apply a 0.35% fee for both its XRP and Dogecoin ETFs, according to the latest filings. These developments mirror Grayscale’s previous move with its Solana ETF, which began trading without an official green light from the SEC, setting a precedent for other digital asset managers.
The SEC’s limited operations have slowed down the review process for new filings. However, a recent procedural update may enable firms to proceed faster. Under the new listing standards approved before the shutdown, ETF issuers can submit finalized S-1 registration statements that automatically take effect after 20 days, provided all listing conditions are met.
Solana ETF Success Fuels Momentum for XRP and DOGE Funds
The success of Solana ETFs has ignited optimism for upcoming XRP and Dogecoin investment products. Bitwise’s SOL ETF attracted $56 million in inflows on its first day, marking the most successful ETF debut of the year. This strong market response has encouraged both Bitwise and Grayscale to expand their offerings, while Canary Capital has entered the field with ETFs based on Litecoin and Hedera (HBAR).
According to Nate Geraci, President of ETF Store, the first spot XRP ETFs could begin trading within two weeks if no additional regulatory obstacles arise. Geraci emphasized that after nearly five years of SEC litigation involving Ripple, the introduction of XRP ETFs could signify “the final nail in the coffin of previous anti-crypto regulators.”
This development could represent a symbolic victory for the broader crypto industry, as it transitions from years of legal challenges to growing institutional recognition. However, much depends on the Nasdaq’s final approval process and whether the SEC raises any new objections before the ETFs become operational.
XRP ETFs Could Attract Billions in Institutional Inflows
The REX-Osprey XRP ETF, which is already live with $106 million in assets, has demonstrated clear investor demand for XRP-based products. With additional ETFs from Bitwise, Grayscale, Canary Capital, and others expected soon, analysts predict that the combined inflows could reach billions of dollars over the next few months.
This growing institutional interest highlights the maturing nature of the crypto market. As asset managers expand their digital asset portfolios, XRP is increasingly being viewed as a credible institutional-grade asset—especially after Ripple’s partial legal victory in 2023 clarified its status as not being a security when sold to retail investors.
If XRP ETFs gain traction, they could provide a new gateway for traditional investors to gain exposure to the asset without the need to directly handle digital wallets or exchanges. This accessibility could significantly boost XRP’s visibility and trading volume across global markets.
Market Conditions Favor Rapid ETF Expansion
Bloomberg analyst Eric Balchunas recently pointed out that total U.S. ETF assets surpassed $13 trillion in October, up from less than $5 trillion five years ago. This growth underscores how ETFs have become a dominant investment vehicle, with crypto-based ETFs poised to capture a portion of that expanding capital pool.
The combination of the government shutdown and newly implemented regulatory procedures has created an unusual environment that allows firms to progress more quickly than usual. By operating within these updated frameworks, Bitwise and Grayscale are leveraging a unique opportunity to establish first-mover advantages in the XRP and Dogecoin ETF markets.
Experts suggest that these steps could redefine the structure of crypto investing in the U.S., making it easier for institutional players to integrate digital assets into diversified portfolios. If successful, this could encourage more firms to follow suit with ETFs tied to other major cryptocurrencies such as Cardano (ADA) and Avalanche (AVAX).
A Defining Moment for U.S. Crypto Investments
The potential introduction of XRP and DOGE ETFs marks a pivotal moment for U.S. crypto markets. By advancing despite regulatory silence, asset managers are effectively testing the boundaries of SEC oversight while demonstrating strong investor demand for alternative digital asset exposure.
If these ETFs gain traction, it could mark the beginning of a new era for digital asset investment, providing credibility, accessibility, and institutional liquidity to a market long hindered by regulatory uncertainty.
For investors and policymakers alike, the outcome will signal how far the United States is willing to go in embracing blockchain-based financial innovation—setting the stage for the next phase of crypto integration into mainstream finance.
