Bitwise, a cryptocurrency-focused asset management firm, has officially filed an application with the US Securities and Exchange Commission (SEC) to create an XRP ETF. This marks Bitwise as the first company to jump into the race to create an XRP ETF, after previously having successfully launched ETFs for Bitcoin and Ethereum.
However, Bitwiseâs journey with XRP is expected to be fraught with difficulties, especially due to the regulatory issues that the SEC has raised regarding XRP and Ripple. The SEC recently rejected ETF applications related to Solana, partly due to regulatory concerns, so Bitwiseâs XRP ETF will face similar challenges.
Bitwise CEO Hunter Horsley remains bullish on XRPâs potential, arguing that it is an asset that is familiar to traditional investors and could offer a better investment opportunity than Solana. The bold move comes as the SEC and Rippleâs legal battle remains unresolved, with the SEC having until October 7 to decide whether to appeal the case.
