ARK Invest Files for CoinDesk 20 Futures ETF; XRP Secures 19.8% Weighting

The Lead

ARK Investment Management has filed a Form S-1 with the SEC to launch the ARK CoinDesk 20 Crypto ETF, a futures-based product tracking a broad basket of digital assets. The filing, dated January 23, 2026, reveals a significant deviation from Bitcoin-maximalist institutional products: XRP accounts for nearly 20% of the benchmark index, positioning it as a core constituent alongside Bitcoin and Ethereum.

The Details

The proposed ETF tracks the CoinDesk 20 Index via futures contracts rather than spot holdings. According to the filing, the fund “does not invest in crypto assets directly,” a structure likely chosen to bypass the regulatory friction currently stalling multi-asset spot applications.

Constituent Weightings (as of Dec. 31, 2025):

• Bitcoin (BTC): 32.4%
• Ethereum (ETH): 20.7%
• XRP: 19.9%
• Solana (SOL): 12.9%
• Cardano (ADA): 2.3%

The inclusion of XRP at a weight nearly equal to Ethereum marks a sharp institutional pivot. Previous index products frequently excluded the token due to its prior legal battles; ARK’s filing effectively normalizes XRP as a “blue chip” asset for institutional capital.

Market Reaction

Markets showed muted immediate reaction, typical of futures-filing news cycles. Bitcoin held steady at $89,500 (+0.4%), while Ethereum hovered near $2,950 (-0.06%). XRP, despite the validation, traded down slightly to $1.90 (-0.9%), digesting recent gains.

Institutional Context

By utilizing a futures structure, ARK is effectively forcing the SEC to clarify its stance on broad-market crypto indices. While the agency has approved Bitcoin and Ether futures ETFs, a product aggregating 20 distinct assets, including Solana and Cardano, tests the limits of current regulatory comfort. If approved, this vehicle would provide the first regulated, one-ticker solution for diversified crypto exposure on a major U.S. exchange.