In an S-1 filing made on Wednesday, the crypto index fund manager said BNY will serve as the trust's administrator and that Coinbase Custody Trust Company, LLC will be the custodian for the spot XRP ETF.
"The Trust’s investment objective is to seek to provide exposure to the value of XRP held by the Trust, less the expenses of the Trust’s operations and other liabilities," the firm said in its registration statement.
Bitwise also asserted in its filing that XRP is not a security, pushing against what the SEC has said in the past.
"XRP is a decentralized digital asset and ownership of it is reflected on a decentralized ledger. Additionally, XRP is not a security, and is thus not subject to the protections of the U.S. federal securities laws," according to the registration statement.
A spot XRP ETF has not been approved by the SEC before, and if it does, it could face challenges. The SEC has been embroiled in a legal fight with Ripple after the agency accused the company of raising $1.3 billion through the sale of XRP, which it views as an unregistered security.
Bitwise also mentioned the SEC's case against Ripple in Wednesday's filing.
"If XRP is found by a court or other regulatory body to be a security, the Trust could be considered an unregistered 'investment company' under the Investment Company Act of 1940, which could necessitate the Trust’s liquidation under the terms of the Trust Agreement," according to the registration statement.
Bitwise's filing of the registration statement comes after a filing for an entity named Bitwise XRP ETF was submitted to Delaware's Department of State's Division of Corporations on Monday, with CSC Delaware Trust Company listed as the registered agent.
Some crypto ETFs began trading this year after getting the agency's go-ahead. The SEC approved several spot Bitcoin ETFs in January, including from firms such as BlackRock, Grayscale, and Fidelity. Later, the agency approved eight Ethereum ETFs.
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