Investment asset management firm Bitwise has become the first firm to file an initial registration statement for a spot XRP exchange-traded funds (ETF) with the United States Securities and Exchange Commission (SEC). The pursuit of an XRP ETF reflects the increasing demand among institutional investors for safe crypto products.
Epic Bitwise XRP ETF push
Like other crypto ETFs, the potential Bitwise XRP ETF will provide exposure to the value of the underlying cryptocurrency held by the trust.
Bitwise CEO Hunter Horsley stated that the asset manager is optimistic about the results that the XRP ETF implementation will bring. “We believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” Hosley wrote in the filing.
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He further noted that this is why, for the past seven years, Bitwise has helped investors access the opportunities in the space, and the Bitwise XRP ETP is not an exception. On Sept. 30, Bitwise registered an XRP ETF trust entity in Delaware. The trust listed CSC Delaware Trust Company as its registered agent in Wilmington, Delaware.
Bitwise’s latest move may encourage other asset managers to file a similar application with the U.S. regulator. The latest Form S-1 registration with the SEC follows Bitwise’s earlier entry into the crypto ETF ecosystem.
Bitwise in crypto ETF game
Almost a year ago, Bitwise resubmitted its amended proposal for Bitcoin ETFs after the regulator provided feedback and queries to an initial filing for the BITB. In a matter of three months, the SEC approved the offering for trading, together with applications from BlackRock, Fidelity and Grayscale.
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Similarly, the asset management firm filed an S-1 form with the U.S. SEC to launch a spot-based Ethereum ETF in Q1, 2024. Before the offering was eventually approved for trading by the commission about four months later, Bitwise kept the public abreast with information regarding the fund.
