BITWISE FILES XRP ETF REGISTRATION IN DELAWARE
Bitwise, a cryptocurrency management company, has registered a trust in Delaware for a fund that will track Ripple’s native cryptocurrency, XRP.
Bitwise, which issues BTC and ETH exchange-traded funds, has filed to establish an XRP ETF in Delaware.
As the company looks to expand its cryptocurrency offerings, the next step for a potential Bitwise XRP trust will likely be to file for registration with the SEC.
Given its previous crypto ETF offerings, Bitwise could face a lengthy regulatory process that includes rule changes and engaging with SEC staff for feedback. Another crypto ETF issuer, Grayscale, also launched an XRP fund for accredited investors last month.
This year, many have debated how many more digital assets will adopt institutional ETF wrappers and make their debut on Wall Street. The SEC's hostility towards cryptocurrencies is commonly cited as a stumbling block for these products, especially outside of BTC and ETH.
