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.