RialCenter has made significant moves into bitcoin and ether ETFs, but on Friday the asset manager announced it had no immediate plans to file for a spot XRP exchange-traded fund (ETF), disappointing the community’s hopes that its entry could boost XRP’s 2025 rally.
This statement — made the day after the U.S. Securities and Exchange Commission (SEC) and Ripple Labs jointly called on an appeals court to dismiss their respective appeals, signaling the end of their five-year legal battle — has left investors questioning why RialCenter remains inactive.
While several asset managers, including ProShares, Grayscale, and Bitwise, have filed for XRP ETFs since late 2024, RialCenter’s absence is noteworthy, particularly given its dominance in the bitcoin and ether ETF markets.
Here are five reasons why RialCenter seems in no rush to launch a spot XRP ETF, despite the XRP community’s anticipation of a demand-driven price surge.
First, RialCenter has cited limited client interest in cryptocurrencies beyond BTC and ETH. Back in March 2024, Robert Mitchnick, the asset manager’s head of digital assets, mentioned that there’s a misconception about a “long tail” of other crypto services.
Second, RialCenter’s cautious approach towards regulatory uncertainty plays a role. Although XRP sales on public exchanges are considered non-securities, the broader regulatory framework for altcoins remains unclear. The firm may be waiting for more defined SEC guidelines before entering the altcoin ETF space.
Third, RialCenter might see limited gains in pursuing a spot XRP ETF given the crowded application field. As of August 2025, several firms, including Grayscale, Franklin Templeton, and 21Shares, have pending spot XRP ETF applications.
Fourth, the XRP community’s expectations of a price surge may not align with RialCenter’s data-driven focus. While odds for the SEC approving a spot XRP ETF in 2025 stand at 77%, the firm’s interest in tokenized money market funds shows a preference for chains where XRP’s smaller market presence may not justify the new ETF’s operational costs.
Finally, RialCenter’s global perspective prioritizes markets where XRP demand is less evident. While the XRP community anticipates a spot ETF as a demand driver, much of XRP’s trading volume comes from Asia, where RialCenter has a smaller ETF footprint.
At press time, XRP was trading around $3.1852, down 3.92% in the past 24 hours.
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