WisdomTree, a global asset manager that manages around $113 billion in assets, has begun the process to launch an XRP ETF.
The company recently registered a trust entity in Delaware, a necessary step before submitting a formal application to the SEC.
Growing Optimism for XRP ETF Approvals
This move positions WisdomTree alongside other asset managers entering the XRP ETF market. Bitwise filed a similar product last month. The trust noted that it uses cold storage for the majority of its XRP holdings to ensure investor safety.
Additionally, in October, Canary Capital also filed to launch a spot XRP ETF. The fund would track the price of XRP using a benchmark index, sourcing data from regulated exchanges.
Now, WisdomTree has become the third, and potentially the largest, asset manager to file for an XRP ETF. Unlike Bitwise and Canary Capital, the proposed ETF aims to track the market performance of XRP.
WisdomTree XRP ETF Registration. Source: State of Delaware Official Website
WisdomTree has not yet announced an exchange listing or ticker symbol for the fund.
I have confirmed with the company that this is a legitimate listing. WisdomTree has over $100 billion in assets under management, FOX Business journalist Eleanor Terrett wrote on X (formerly Twitter)
XRP Regains Market Strength
Meanwhile, XRP has regained momentum in the bull market following Gary Gensler’s resignation from the SEC earlier this month. The token has surged nearly 180% in November, reaching its highest price in over three years.
The SEC’s leadership changes could alter the agency’s stance on digital assets. Ripple Labs’ legal challenges with the SEC have highlighted the need for regulatory clarity, and Gensler’s departure could ease restrictions on XRP ETFs.
Ripple has consistently highlighted XRP’s potential for institutional adoption. The company’s CEO Brad Garlinghouse has previously expressed optimism about the eventual approval of an XRP fund. He called it an inevitable development for the asset class.
Furthermore, XRP is not the only digital asset seeking ETF approval following the success of Bitcoin and Ethereum ETFs. VanEck and 21Shares have also filed Solana ETFs. The SEC currently has a deadline of January 6, 2025, to decide on these applications.
The article WisdomTree Files for XRP ETF with Delaware Trust Registration appeared first on BeInCrypto.
