21Shares has filed documents for an XRP-based fund amid skepticism toward crypto ETF demand outside Bitcoin products.

Crypto asset manager 21Shares launched its bid for a spot (XRP) exchange-traded fund as issuers considered more cryptocurrency investment vehicles. The company dubbed its potential offering the 21Shares Core XRP Trust, according to an S-1 form sent to the U.S Securities and Exchange Commission.

21Shares was the second wealth manager to file formal XRP ETF papers. Bitwise submitted a similar application in early October, after first registering a Delaware Trust for its XRP fund.

Firms have eyed cryptocurrency ETFs underpinned by altcoins since spot Ethereum (ETH) funds debuted in July. Canary Capital filed for a Litecoin (LTC) ETF, and rumors of a Solana (SOL) have persisted in crypto social media discussion.

Spot Bitcoin (BTC) ETFs, the world’s top crypto fund class, have been largely successful in their 11 months of trading. BlackRock’s IBIT beat decades-old products in year-to-date volume, and the entire BTC ETF complex has over $72 billion in assets.

Ethereum ETFs have experienced modest demand in comparison, with less than $10 billion in investor cash. The lackluster spot ETH ETF numbers have spurred doubts about whether altcoin funds have a market on Wall Street.

Bitwise CIO Matt Hougan said Ethereum ETFs came “too early” but will ultimately succeed. Hougan noted that investors were still digesting Bitcoin’s message, arguing that institutions would eventually adjust to Ethereum’s value proposition.

Canary Capital filed with the U.S. Securities and Exchange Commission to list an exchange-traded fund underpinned by the Bitcoin-inspired cryptocurrency, Litecoin.

Crypto-focused investment startup Canary Capital filed paperwork with the Securities and Exchange Commission to bring a spot Litecoin (LTC) ETF to Wall Street trading terminals. The new wealth manager, launched by Valkyrie founder Steven McClurg, submitted documents, including a Form S-1, signaling the formal registration of securities for its spot LTC ETF.

Litecoin is one of the oldest blockchain assets and is often considered an offshoot of Bitcoin (BTC). However, LTC was built in 2011 as a lighter version of BTC rather than an actual Bitcoin fork. Thirteen years later, LTC traded at almost $70 per coin and had a market cap of over $5.25 billion. The token ranked 27th among the top 100 cryptocurrencies by valuation.

Canary Capital has jumped head-first into the crypto ETF bidding scene. Last week, the investment firm joined Bitwise to bid for a spot (XRP) ETF. On Oct. 1, Canaray unveiled its inaugural private fund focused on Hedera (HBAR) and called the Canary HBAR Trust.

Crypto ETF filings have become a regular theme at the SEC since some 11 issuers secured approval for spot Bitcoin funds in January. Spot Ethereum (ETH) ETFs followed in late July, sparking a mountain of speculation over which crypto would don the institutional ETF wrapper next.

Solana (SOL) and Ripple’s native token have featured as leading contenders for a crypto ETF after BTC and ETH. However, the SEC’s regulatory approach and perception of which tokens fall under securities laws leaves looming uncertainty.

Per Fortune, SEC chair Gary Gensler told hedge funds that Ethereum and Litecoin were not securities in 2018. This assertion and LTC’s similarities with Bitcoin could improve the chances of a spot LTC ETF. However, SEC leadership under Gensler remains largely skeptical of the crypto economy, and the product may receive pushback from agency staff.

Monochrome Asset Management is set to launch Australia’s first spot Ethereum exchange-traded fund on Tuesday.

The Ethereum (ETH) ETF will debut on the Cboe Australia, bringing the Monochrome Ethereum ETF with the ticker IETH to the market on Tuesday, Oct. 15.

IETH launches a few months after Monochrome unveiled its spot Bitcoin (BTC) ETF, which launched in August. The Monochrome Bitcoin ETF (IBTC) held about 167 Bitcoin, worth AUD 15 million.

Monochrome and its partner Vasco Trustees Limited filed an application for the listing of IETH on the Cboe Australia in early September, noting in an announcement that the spot Ethereum ETF would passively hold Ether.

That means the product would offer retail investors a regulated avenue to gain exposure to Ether, the world’s second-largest cryptocurrency by market capitalization, currently over $316 billion.

IETH is a dual-access fund, allowing for both cash and in-kind redemptions. For investors, this means the ability to buy and cash out of the ETF with the underlying asset, Ether. Meanwhile, State Street Australia will serve as the fund’s administrator. Digital assets custody provider BitGo and crypto exchange Gemini are the fund’s custody services providers.

The U.S. Securities and Exchange Commission approved the first spot crypto ETFs in the U.S. in January 2024, giving the nod to funds that include spot Bitcoin ETFs by BlackRock, Fidelity Investments, and Grayscale.

The SEC went on to approve spot Ethereum ETFs in May, with trading going live in July. Hong Kong and Australia are among several countries to greenlight spot crypto ETFs.

However, while the value of assets held in these funds in countries like Australia is small, the U.S. market has seen a notable rise in demand. Data from ETF tracking site SoSoValue shows the total net assets in U.S.-listed spot Bitcoin ETFs as of Oct. 11 was $58.66 billion. Ethereum had $6.74 billion.