As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the evolution of traditional markets and the advent of digital assets. The latest move by Bitwise to file for an XRP ETF is not just another step in the crypto space, but a significant milestone that could potentially revolutionize investment opportunities for retail investors.
Bitwise, in its latest move, submitted a formal application to the Securities and Exchange Commission for an exchange-traded fund (ETF) based on Ripple‘s digital asset XRP.
On October 2nd, Bitwise, a manager of cryptocurrency index funds, submitted a Form S-1 document to the U.S. Securities and Exchange Commission (SEC) for a potential exchange-traded fund (ETF) based on XRP, as reported on the SEC’s official website. In a press release, Bitwise confirmed this filing, and their CEO, Hunter Horsley, stated that an XRP ETF would expand investment opportunities for more cryptocurrency investors.
At Bitwise, we’re convinced that blockchain technology will introduce unbiased digital currencies and decentralized applications without the need for approval in the 21st century.
Hunter Horsley, Bitwise CEO
The submission of a Form S-1 to the Securities and Exchange Commission (SEC) serves as a necessary step before any Exchange-Traded Fund (ETF) can be listed on Wall Street. Additionally, approval for Form 19b-4 paperwork, which outlines proposed rule changes, is also essential. Bitwise’s SEC filing coincided with the firm’s registration of a Delaware Trust for an XRP ETF, as reported by crypto.news on October 1st.
Following the registration of the trust in Delaware on the previous day, Bitwise Investments has now submitted its application for an XRP ETF to the Securities and Exchange Commission (SEC).— James Seyffart (@JSeyff) October 2, 2024
Bitwise to expand crypto ETF suite with XRP
If it proves effective, the Bitwise XRP Exchange-Traded Product (ETP) will become part of a collection of cryptocurrency investment tools managed by this digital asset fund. Notably, Bitwise currently manages Exchange-Traded Funds (ETFs) backed by Bitcoin (BTC) and Ethereum (ETH), which are the two most significant cryptocurrencies in terms of market capitalization.
As an analyst, I find myself reflecting on the strategic move made by our wealth advisor in August, where they expanded their European footprint by acquiring ETF Group. This acquisition could pave the way for us to explore the possibility of making our XRP ETF available in various European markets.
Other companies like Grayscale, VanEck, and 21Shares have been delving into crypto ETFs that don’t just focus on Bitcoin and Ethereum. In June, 21Shares and VanEck submitted applications to the SEC for Solana (SOL) ETFs. Grayscale recently launched a trust tied to the Ripple asset, but it is only accessible to accredited investors. However, Grayscale has the potential to convert this trust into an ETF, as they have done with their leading Bitcoin and Ethereum funds in the past.
It’s still undecided whether the SEC will authorize a Solana or Ripple ETF, considering the ambiguity surrounding cryptocurrencies and securities regulations. Notably, significant players like BlackRock and Fidelity have yet to submit applications for SOL or XRP ETFs as of the latest news reports.
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2024-10-02 17:30