The wait for an XRP exchange-traded fund (ETF) in the United States may finally be over. According to recent filings, REX Shares and Osprey Funds are preparing to debut an XRP-linked ETF as early as this week, alongside a similar product tied to Dogecoin (DOGE).
The REX-Osprey™ XRP ETF, $XRPR, is coming this week!$XRPR will be the first U.S. ETF to deliver investors spot exposure to the third largest cryptocurrency by market cap, $XRP.
— REX Shares (@REXShares) September 15, 2025
From REX-Osprey™, the team behind $SSK.@OspreyFunds
View Fund Prospectus:… pic.twitter.com/qMdKhfBZ0e
While the product isn’t a pure “spot ETF” like BlackRock’s IBIT Bitcoin fund, it still marks a major step toward bringing XRP closer to mainstream financial markets.
What Makes This XRP ETF Different
Unlike traditional spot crypto ETFs that directly track the underlying asset, the proposed REX-Osprey XRP ETF will only hold up to 25% of its assets in XRP. The remainder could be allocated to U.S. Treasury bonds, money market funds, cash equivalents, or even other crypto ETFs.
As of now, the Doge ETF $DOJE is slated for Thursday launch, as is a 40 Act spot XRP ETF $XRPR (which was in the same prospectus that went effective, Trump and Bonk also in there too, but no word on launch date for those yet) https://t.co/q20takMsAe
— Eric Balchunas (@EricBalchunas) September 15, 2025
The filing also falls under the Investment Company Act of 1940 (40 Act) rather than the Securities Act of 1933 (33 Act)—a structural difference that sets it apart from most spot Bitcoin ETFs.
This distinction matters because, as SEC Chair Gary Gensler noted when approving Bitcoin spot ETFs, there was already a mature futures market for BTC. XRP lacks that parallel infrastructure, which may explain why regulators haven’t greenlit a “true” spot ETF yet.
Why It Still Matters
Even with its limitations, the ETF could serve as a critical test case for XRP in U.S. markets. It gives investors regulated exposure—albeit partial—to XRP, while offering issuers and regulators a chance to gauge market demand.
At the same time, REX-Osprey is pursuing a Dogecoin ETF, which reportedly faced delays last week but could launch on Thursday. Bloomberg’s Eric Balchunas has suggested that more DOGE ETF filings under the 33 Act could win approval in the coming months.
The Bigger Picture
If successful, these launches may pave the way for fully-fledged spot ETFs tied to XRP and other altcoins. For now, investors should understand that the upcoming XRP ETF won’t behave exactly like a Bitcoin spot ETF—but it could still shape the roadmap for future crypto investment products.
