XRP ETF Competition Intensifies as Franklin and Bitwise Submit Updated S-1 Filings

Franklin Templeton, Bitwise, and Canary Capital have made strides by filing updated S-1 registration forms with the Securities and Exchange Commission (SEC) recently, escalating the competition to introduce the inaugural U.S. spot XRP exchange-traded fund (ETF).

The adjusted filings, submitted between October 31 and November 4, indicate that these asset managers are targeting mid-November for potential launch dates.

Major Asset Managers Join the XRP ETF Push

Earlier today, Bloomberg ETF analyst James Seyffart revealed that Franklin Templeton filed an amended S-1 with modified “8(a)” language—an essential legal adjustment that enables the registration to activate automatically within 20 days, circumventing direct SEC approval. This prospectus, dated November 4, stipulates that the Franklin XRP Trust will primarily hold the token to track its price performance.

Both Bitwise and Canary Capital submitted comparable filings last week, eliminating the “delaying amendment” that usually allows the SEC to control the timing of approvals. According to journalist Eleanor Terrett, this move positions Canary’s ETF for a potential launch on November 13, provided Nasdaq grants final approval via its 8-A filing.

This strategy is similar to the approach adopted by the issuers of the Solana (SOL), Litecoin (LTC), and Hedera (HBAR) ETFs in the past month, which successfully launched under the same automatic rules, even amidst partial U.S. government shutdowns. Notably, Bitwise’s BSOL ETF recorded an impressive trading volume of $56 million on its first day, the highest among over 850 ETFs launched this year.

Broader Market Implications and Investor Outlook

The anticipated XRP ETF wave arrives at a moment when more than 150 crypto ETF applications are pending with the SEC, covering 35 different digital assets. The Ripple token ranks third among all crypto ETF candidates, with roughly 20 filings submitted, trailing only behind Solana and Bitcoin.

Industry analysts suggest that these developments reflect a significant change in regulatory sentiment, coming after the conclusion of Ripple’s five-year legal struggle with the SEC in August 2025. Analysts such as Nate Geraci of NovaDius Wealth Management predict XRP ETFs could debut “within the next two weeks,” marking what he considers a pivotal moment for mainstream crypto investment.