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Cryptocurrency asset manager Bitwise has filed an initial registration with the U.S. SEC for the first spot XRP exchange-traded fund (ETF).
This proposed fund would hold XRP directly, offering investors exposure to the digital asset. The launch of the Bitwise XRP ETF is pending the approval of the Securities and Exchange Commission (SEC) and will follow Bitwise’s recent launch of Bitcoin and Ethereum ETFs.
Bitwise CEO Hunter Horsley emphasized the company’s belief in blockchain’s potential to revolutionize monetary assets and applications.
Bitwise XRP ETF Overview
The proposed Bitwise XRP ETF will give investors direct exposure to XRP, a digital asset integral to the XRP Ledger (XRPL). It can facilitate cross-border payments, remittances, decentralized finance (DeFi), and asset tokenization. XRP is one of the most significant crypto assets, boasting a market cap of over $30 billion and five million active wallets.
After the trust was registered in Delaware yesterday, @BitwiseInvest just officially filed for their XRP ETF with the SEC. pic.twitter.com/im9GzFWX55
— James Seyffart (@JSeyff) October 2, 2024
Bitwise’s Growing Crypto Portfolio
This new filing comes after Bitwise launched spot Bitcoin and Ethereum ETFs and acquired ETC Group, a prominent European crypto ETP issuer.
