XRP ETF Timeline 2025: Grayscale Explains Why Launch Hasn’t Happened Yet

Wall Street just witnessed a big milestone as the first-ever spot ETFs for Solana (SOL), Litecoin (LTC), and Hedera (HBAR) officially began trading. The launches mark a new phase for altcoin-based investment products, opening the door for institutional investors to gain direct exposure to some of crypto’s fastest-growing networks.

But amid the celebration, one question dominated conversations across the crypto community — where is the XRP ETF?

Why XRP’s ETF Didn’t Launch Yet

Addressing the question on Paul Barron Podcast, Zach Pandl, Head of Research at Grayscale Investments, explained the situation in clear terms. According to him, the main reason XRP’s ETF didn’t launch alongside the others was due to timing and regulatory progress before the recent U.S. government shutdown.

“It’s a relatively simple answer,” Pandl said. “Issuers like Grayscale were a bit further along with regulators on Solana than on several of the other potential crypto ETF products at the time of the government shutdown. As soon as the government reopens, we expect to move quickly on the rest of these tokens.”

In other words, it wasn’t about preference or strategy, it was about which filings had progressed the furthest when the U.S. Securities and Exchange Commission (SEC) paused activity during the federal closure. XRP’s ETF is still on Grayscale’s list, but the timeline was simply disrupted by regulatory delays.

Grayscale Confirms XRP ETF Still in Progress

Pandl also reassured the XRP community that Grayscale intends to launch an XRP ETF, along with other digital assets, once the regulatory environment allows. He said that the company is committed to building a diverse lineup of crypto investment products,  not favoring one blockchain over another.

“We’re proud to bring Solana’s ETF to market, and we’ll be proud to bring others, including XRP,” Pandl said. The goal is to create balanced portfolios that reflect the growing utility across different blockchain networks.

What This Means for XRP Investors

While some XRP holders were disappointed that Solana, Litecoin, and Hedera made it to Wall Street first, Grayscale’s statement confirms that an XRP ETF is still very much in play. Once the U.S. government fully resumes operations and ETF reviews restart, XRP could be among the next batch of crypto ETFs to launch.