🚀 XRP to Reach New Heights? Bitwise's ETF Move Explained! 🚀
Bitwise Asset Management is making waves in the crypto space by registering an XRP exchange-traded fund (ETF) trust entity in Delaware, USA. This move is seen as a preliminary step toward submitting an application to the U.S. Securities and Exchange Commission (SEC) for approval .
The registration, confirmed by a Bitwise spokesperson, hints at the company's intention to create an investment product for XRP. However, specific details remain under wraps. This isn't Bitwise's first rodeo, as they already operate two listed products on U.S. stock exchanges: a Bitcoin ETF and an Ethereum ETF .
Their Bitcoin ETF holds 2,103 BTC (equivalent to $129 million), while the Ethereum ETF owns 325.8 ETH (worth approximately $800,000). Ripple, the company behind XRP, recently concluded its legal battle with the SEC, agreeing to pay a $125 million fine to resolve allegations that XRP was an unregistered security .
Investors should exercise caution, though, as this isn't the first time an XRP ETF registration has made headlines. A similar incident in November 2023 turned out to be a fraudulent attempt to manipulate XRP's price .
Key Takeaways:
1- Bitwise's XRP ETF Registration: A significant step toward SEC approval, but no guarantee of success.
2- Ripple's Legal Battle: Concluded with a $125 million fine, but the SEC's stance on crypto remains unfavorable.
3- Market Reaction: XRP's price showed little movement, despite the news.
4- Expert Insights: XRP and SOL ETFs are unlikely to launch by 2025 due to lack of futures products and SEC's stance.
As the crypto landscape continues to evolve, it's essential to stay informed about developments like these. Would you like more information on ETFs or cryptocurrency regulations?
