According to (The Block) report: WisdomTree XRP Fund will be listed on the Cboe BZX exchange.
WisdomTree registered an XRP entity in Delaware on November 25.
Exchange-traded fund issuer WisdomTree took steps toward potentially launching an ETF in a filing with the U.S. Securities and Exchange Commission (SEC) on Monday.
If approved by the SEC, the WisdomTree XRP Fund will be listed on the Cboe BZX exchange, with no trading symbol assigned yet. Bank of New York Mellon is the fund’s manager, according to the filing.
“The investment objective of the Trust is to obtain exposure to the price of XRP, less expenses and liabilities of the Trust’s operations,” according to the registration statement.
The company registered an XRP entity in Delaware on November 25. Other issuers, including Bitwise, 21Shares and Canary Capital, have also filed for spot XRP ETFs.
The SEC has not approved a spot XRP ETF before. The agency has been in a legal battle with Ripple since 2020, alleging that the company raised $1.3 billion through the sale of XRP, treating it as an unregistered security.
More than a year ago, Judge Analisa Torres of the Southern District Court of New York ruled that some of Ripple’s sales, known as programmatic sales, did not violate securities laws because they used a blind bidding process. However, she ruled that other tokens that Ripple sold directly to institutional investors were securities. Then in August, Judge Torres ordered Ripple to pay a $125 million fine.
Both the SEC and Ripple are working to appeal portions of Judge Torres’ decision.
Among the risks detailed in the registration statement, WisdomTree warns investors that XRP could be considered a security.
“Determining whether a particular digital asset meets the definition of a security is complex and unpredictable, and valid legal arguments may be made regarding its classification as a security,” the filing states. “In addition, the SEC has indicated that the status of digital assets may change as circumstances evolve.”
As of December, XRP has become the world’s third-largest cryptocurrency after Bitcoin and Ethereum.
