As a seasoned researcher with a keen interest in the evolving world of cryptocurrencies and blockchain technology, I find myself intrigued by WisdomTree’s latest move to launch an XRP spot ETF. Having closely followed their foray into Bitcoin and XRP products earlier this year, it’s fascinating to witness their continued expansion in the digital asset space.
As a crypto enthusiast, I’m excited to share that I recently learned about WisdomTree’s move to register an XRP spot ETF with the U.S. Securities and Exchange Commission (SEC). If approved, this could potentially open up new investment opportunities for me in the world of Ripple!
As an analyst, I’m excited to share that the WisdomTree XRP Fund appears to have been submitted for filing on December 2nd. This development offers a unique opportunity for investors, as it enables us to gain direct exposure to the value of XRP without needing to physically hold the cryptocurrency itself.
According to the documentation, the Exchange-Traded Fund (ETF) will be available for trading on the Cboe BZX Exchange. Bank of New York Mellon has been appointed as the fund administrator initially. Yet, it’s worth noting that the custody and transaction of XRP will be handled by affiliates of Coinbase in due course.
In other developments, WisdomTree has embarked on this venture to launch a crypto ETF before, as they have already introduced a Bitcoin fund called “WisdomTree Bitcoin Fund (BTCW)” earlier this year. Furthermore, they also revealed an XRP product named “WisdomTree Physical XRP (XRPW)”, which is currently being traded on European markets, specifically Deutsche Börse Xetra and Swiss Exchange.
In October 2024, Bitwise became the pioneer in proposing a U.S.-based spot XRP Exchange-Traded Fund (ETF). Since then, proposals have also been submitted by Canary Capital and 21Shares.
Yet, the approval of these funds is still questionable due to the ongoing legal dispute between Ripple Labs and the Securities and Exchange Commission (SEC).
It might take some time for the legal predicament to be sorted out, yet there’s speculation that shifts within the Securities and Exchange Commission (SEC), like the potential departure of Chair Gary Gensler, could impact the decision-making process regarding these investment funds.
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2024-12-02 22:45