Bitwise and Grayscale have disclosed fees for their proposed exchange-traded funds tracking XRP and DOGE as firms advance plans to launch products without SEC approval. Bitwise set a 0.34% fee for its XRP ETF over the weekend, while Grayscale announced a 0.35% fee Monday for both its XRP and Dogecoin ETFs, according to regulatory filings.
The fee disclosures come as firms pursue a non-traditional route for launching these products. Grayscale plans to follow the same path used for its Solana ETF last week, meaning the XRP fund could list without the Securities and Exchange Commission's sign-off.
Recent ETF Launches and Market Impact
Last week, Bitwise and Grayscale launched ETFs tracking Solana’s price, attracting millions in capital. Bitwise's SOL ETF brought in $56 million on day one, marking the strongest ETF launch of the year. Canary Capital also launched funds tracking Litecoin and HBAR during the same period.
Market Expectations and Regulatory Shifts
NovaDius Wealth Management President Nate Geraci posted Sunday on X that he expects the first spot XRP ETFs to launch within two weeks. He noted the SEC maintained open litigation against Ripple for five years until three months ago, calling the launch of spot XRP ETFs the final confirmation of a shift away from previous anti-crypto regulatory approaches.
Impact of Government Shutdown on SEC Operations
The U.S. government shutdown, now exceeding 33 days and approaching the longest in American history, has left the SEC operating with minimal staff under its contingency plan. Many employees remain furloughed, significantly limiting agency operations. Before the shutdown, the agency approved listing standards that enabled dozens of cryptocurrency ETF applications to advance more quickly.
A week after the Oct. 1 shutdown began, the SEC issued guidance clarifying procedures for firms seeking to go public. The agency stated firms can file S-1 registration statements without a delaying amendment, which would normally give the SEC 20 days to review comments before the ETF takes effect.
The S-1 must be final, and any changes restart the 20-day clock for effectiveness. The ETF's underlying asset must also meet listing standards. These combined factors enable firms to potentially launch crypto ETFs without direct SEC approval during the shutdown.