Nasdaq Eyes XRP ETF Listing Amid Crypto's Rocky SEC Romance
Published Date: 2/25/2025
Notice
Summary
Nasdaq wants to start trading shares of the CoinShares XRP ETF, a fund tied to the cryptocurrency XRP, under a special rule for commodity-based trusts. This means investors can buy and sell these shares on Nasdaq soon, giving them a new way to invest in XRP without owning the crypto directly. The SEC is now asking for public comments before giving the green light, so keep an eye out for updates!
Analyzed Economic Effects
6 provisions identified: 4 benefits, 2 costs, 0 mixed.
New Nasdaq ETF for XRP Exposure
Nasdaq has filed to list the CoinShares XRP ETF so you can buy and sell shares on the exchange to get exposure to XRP without owning the cryptocurrency directly. The trust was formed on December 10, 2024, and the Registration Statement was filed January 24, 2025; the Shares will not trade until the Registration Statement is effective.
Intraday and Daily Pricing Transparency
The trust will publish an XRP Index Price (the Index) between 4:00 p.m. and 4:30 p.m. ET and the Trust's NAV will be calculated daily as of 4:00 p.m. ET. An intraday indicative value (IIV) will be disseminated every 15 seconds during the Regular Market Session (9:30 a.m. to 4:00 p.m. ET).
No Retail Redemption into XRP — APs Only
Creations and redemptions will occur only in Baskets of 5,000 Shares and only Authorized Participants (registered broker-dealers or certain financial institutions and DTC participants) may place creation or redemption orders; Authorized Participants will deliver and receive only cash (not XRP).
Custody Protections for Trust XRP Holdings
A qualified Custodian will hold the Trust's XRP in segregated accounts, use cold storage (private keys never connected to the internet), and carry fidelity insurance; transfers of XRP to or from the Custodian will occur only in connection with creations and redemptions.
Extended Trading Hours for Shares
The Exchange will allow trading in the Shares from 4:00 a.m. to 8:00 p.m. ET, expanding trading beyond the Regular Market Session. You can trade the Shares during these extended hours on Nasdaq.
No Staking, Forks, or Airdrop Benefits
The Trust, Sponsor, Custodian, and related parties will not use the Trust's XRP to earn additional XRP or other rewards; the Trust will disclaim and not account for incidental rights or assets from forks or airdrops when determining NAV.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-03031 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend the Fidelity Wise Origin Bitcoin Fund and the Fidelity Ethereum Fund
Cboe BZX Exchange wants to update the rules for the Fidelity Wise Origin Bitcoin Fund and the Fidelity Ethereum Fund. These changes could affect investors by tweaking how these crypto funds operate and trade, aiming to keep things smooth and clear. The SEC is now asking for public feedback before making it official, so watch for updates soon!
Next: 2025-03033 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To List and Trade Shares of the CoinShares Litecoin ETF Under Nasdaq Rule 5711(d)
Nasdaq wants to start trading shares of the CoinShares Litecoin ETF, a new fund tied to Litecoin cryptocurrency, under its special commodity rules. This means investors can buy and sell Litecoin-based shares on Nasdaq soon, making crypto investing easier and more official. The SEC is reviewing this change and asking for public feedback before it goes live.