SEC’s ETP review highlights growing institutional focus on crypto, including XRP.
Ripple backs Bitwise XRP ETP, showcasing confidence in XRP’s market potential.
BITW’s ETP shift may boost XRP’s role in regulated crypto investment portfolios.
The U.S. Securities and Exchange Commission (SEC) acknowledged NYSE Arca’s proposal to convert the Bitwise Multi-Coin Fund into an Exchange-Traded Product (ETP).
This fund, which holds XRP, reflects growing institutional interest in crypto-backed investment products. The SEC’s notice starts the regulatory process for approving the conversion.
If approved, this move would further validate XRP’s position in the crypto market. Ripple plans to invest in the rebranded Bitwise Physical XRP ETP, showing its confidence in XRP’s future.
Bitwise Multi-Coin Fund and ETP Proposal Details
Launched in 2017, the Bitwise 10 Crypto Fund tracks the top ten cryptocurrencies by market cap. Its assets include Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Polkadot, Chainlink, Bitcoin Cash, and Uniswap, with Bitcoin and Ethereum making up most of the portfolio.
XRP, with a 3.2% weighting, remains a consistent com…
The post Bitwise Multi-Coin Fund’s ETP Proposal Brings XRP Closer to Mainstream appeared first on Coin Edition.
