Bitwise files spot XRP ETF order

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Bitwise files spot XRP ETF order
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Cryptocurrency index fund manager Bitwise has filed to launch an exchange-traded index fund (ETF) that offers exposure to Ripple’s XRP token. Matthew Hougan, Bitwise’s investment director, confirmed the news to the press this Tuesday (1st).

As Hougan reported, the company filed an application to launch an XRP ETF on Monday (30) with the Delaware Department of State. The product has been named “Bitwise XRP ETF”, with CSC Delaware Trust Company appointed as registered agent.

If approved, this will be the first spot XRP ETF in the United States. However, approval by the US Securities and Exchange Commission (SEC) must face potential obstacles.

The SEC has been in a long-running legal dispute with Ripple, the company behind XRP, after accusing it of raising $1.3 billion through the sale of XRP tokens, considered by the agency to be unregistered securities. The resolution of this dispute could directly impact the future of an XRP ETF, making its approval an additional challenge for Bitwise.

Market may gain XRP ETF

In recent months, the SEC has approved several cryptocurrency ETFs, including spot Bitcoin ETFs in January this year, with companies such as BlackRock, Grayscale and Fidelity launching their products on the market. Later, the agency also greenlit eight Ethereum ETFs.

In addition to Bitwise, Grayscale recently announced its plans to launch an XRP closed-end fund aimed at accredited investors. The SEC, however, makes distinctions between different types of exchange-traded funds, using the term “exchange-traded products” (ETPs) to refer to these products, rather than ETFs, which implies different regulation.

The price of XRP fell by around 2.5% in the last 24 hours despite the good news. According to data from CoinGecko, at the time of writing, the crypto asset is costing US$0.6095.

Bitwise files spot XRP ETF order

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Bitwise files spot XRP ETF order

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Bitwise files spot XRP ETF order

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