Management company Bitwise has registered a trust in Delaware for a fund that will track Ripple's native cryptocurrency, XRP.
Bitwise, a company that issues BTC and ETH exchange-traded funds, has filed to launch an XRP ETF in Delaware.
As the company looks to expand its cryptocurrency offerings, the next step for the potential Bitwise XRP trust is likely to be filing for registration with the SEC.
Given previous crypto ETF offerings, Bitwise may face a lengthy regulatory process that includes rule changes and engagement with SEC staff for feedback. Another crypto ETF issuer, Grayscale, also launched an XRP fund for accredited investors last month.
This year, there has been much debate about how many more digital assets will adopt institutional ETF wrappers and make their debut on Wall Street. The SEC's hostility toward cryptocurrencies has been widely cited as a stumbling block for these products, especially outside of BTC and ETH.
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