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Bitwise has taken another step toward an XRP ETF with a formal Securities and Exchange Commission (SEC) filing.
On Oct. 2, crypto index fund manager Bitwise submitted a Form S-1 document with the U.S. SEC for an XRP exchange-traded fund (ETF). A press statement from the company confirmed the filing, and Bitwise CEO Hunter Horsley emphasized that an XRP ETF would enhance access for more crypto investors.
At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century.
Form S-1 represents the registration of securities with the SEC and is a procedural step before listing any ETF on Wall Street. Approval for Form 19b-4 paperwork, a proposed rule change, is also required. Bitwise’s SEC filing followed the firm’s Delaware Trust registration for an XRP ETF on Oct. 1.
If successful, the Bitwise XRP ETF would join a range of cryptocurrency investment vehicles issued by the digital asset fund manager. Bitwise already has ETFs underpinned by Bitcoin and Ethereum, the two largest cryptocurrencies by market cap.
In August, the wealth advisor also acquired ETF Group to increase its European presence. Bitwise may consider offering its XRP ETF across markets in Europe.
Other firms, such as Grayscale, VanEck, and 21Shares, are also exploring crypto ETFs outside Bitcoin and Ether. In June, 21Shares and VanEck filed documents with the SEC for spot Solana ETFs. Grayscale debuted its trust tracking the Ripple asset last month, but only for accredited investors. Grayscale could transition the trust to an ETF as it previously did with its flagship BTC and ETH funds.
Whether the SEC will approve a Solana or Ripple ETF remains to be seen, especially given the uncertainty surrounding cryptocurrencies and securities law. Notably, Wall Street heavyweights like BlackRock and Fidelity had yet to file for SOL or XRP ETFs at press time.
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