Asset management firm Bitwise has initiated the process to establish an XRP exchange-traded fund (ETF). Details of the filing were confirmed on the Delaware Division of Corporations website and by a Bitwise spokesperson.
The documentation reveals that an entity named Bitwise XRP ETF was officially registered with Delaware’s Division of Corporations on Monday. CSC Delaware Trust Company is listed as the registered agent. This action represents an early stage in the process to potentially list and trade ETF shares tied to XRP.
While this filing suggests progress, it does not indicate an immediate submission to the U.S. Securities and Exchange Commission (SEC). Currently, no spot XRP ETF has been authorized by the regulator, and any forthcoming filing could face hurdles. Bitwise’s application is set against the backdrop of Ripple Labs’ ongoing legal challenges with the SEC over the classification of XRP. The SEC has until Oct. 7 to appeal a ruling by District Judge Analisa Torres concerning XRP’s programmatic sales.
Rumors about an XRP ETF are not new, though past claims have turned out to be fabrications meant to manipulate XRP’s price. For instance, in November, a rumored Blackrock XRP ETF filing emerged but was later debunked by the company.
The Bitwise XRP ETF filing comes after Ripple CEO Brad Garlinghouse’s assertion that an XRP ETF was “inevitable,” especially after the approval of bitcoin and ethereum ETFs in the U.S. Garlinghouse believes that the SEC will approve an XRP ETF next year. Should this happen, it could provide institutional investors with a regulated way to enter the XRP market, enhancing the token’s liquidity and appeal. Earlier this year, the SEC approved multiple spot bitcoin ETFs, followed by ethereum ETFs.
