The First Ever Spot XRP ETF To Be Approved In The US Just Hit A Major Milestone

The REX-Osprey XRP ETF (XRPR) has achieved a major milestone. The product, launched on September 18, 2025, by REX Shares in partnership with Osprey Funds, has now surpassed $100 million in assets under management (AUM). 

The announcement, which was made on X by REX Shares, is a defining moment for XRP investment products, as XRPR becomes the first ETF in the United States to provide investors with regulated exposure to the digital asset’s market price.

XRPR Reaches Major Milestone

The fund’s rapid growth to over $100 million in AUM in just over a month shows the intense interest in XRP-related products among crypto investors, who have been fervently waiting for a Spot XRP ETF. 

According to its structure, XRPR is tracking the performance of XRP’s spot market while complying with existing US regulations. As shown on the XRPR website, it does this by investing at least 80% of its assets in XRP and related instruments through the REX-Osprey XRP subsidiary, rather than holding the token directly.

Under normal market conditions, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in XRP and other assets that provide exposure to XRP’s price movements. However, although it seeks returns that correspond closely to XRP’s performance, its results will not fully replicate the token’s market price.

This setup allows XRPR to operate within the framework of the US Investment Company Act of 1940, similar to traditional equity or commodity ETFs. Although it provides spot exposure to XRP’s price movements, it differs from something like BlackRock’s Spot Bitcoin ETF (IBIT), which holds the cryptocurrency itself in custody. Still, the structure gives investors regulated access to XRP’s price performance without relying on futures or derivatives.

Spot XRP ETF Applications Still Await SEC Decision

As it stands, XRPR is currently the only XRP ETF available in the US. However, several major asset managers, including WisdomTree and CoinShares, have filed applications for pure spot XRP ETFs that would have the structure of spot Bitcoin ETFs. These proposed funds would directly hold XRP in custody and offer complete one-to-one exposure to its market price.

The final deadline on most of these Spot XRP ETF applications was set between October 19 and October 25. However, progress has stalled due to the ongoing US government shutdown, which has effectively frozen the Securities and Exchange Commission’s (SEC) review process. 

Just weeks before the shutdown, the SEC introduced a new set of generic listing standards for commodity-based exchange-traded products to fast-track their launch. However, until the government reopens, no new ETF approvals, crypto or otherwise, can move forward.

At the time of writing, XRP is trading at $2.54, up by 3.6% in the past 24 hours.

Featured image from Pexels, chart from TradingView