Bitwise has officially filed with the Securities and Exchange Commission, marking another step toward creating an XRP ETF.
According to the regulator’s official website, Bitwise, the manager of a crypto index fund, filed a Form S-1 document with the U.S. SEC on October 2 for an exchange-traded fund called XRP.
In a news release confirming the filing, CEO of Bitwise Hunter Horsley stated that more cryptocurrency investors would have better access to opportunities if there were an XRP ETF. Hunter Horsley, Bitwise CEO:
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.
Form 19b-4 paperwork, which requests a rule change, must also be approved. Bitwise’s SEC filing came after the company registered for an XRP ETF with the Delaware Trust on October 1.
Bitwise to expand crypto ETF suite with XRP
The Bitwise XRP ETP would then become part of the cryptocurrency investment vehicles that the digital asset fund management offers if it is successful.
The two biggest cryptocurrencies by market cap, Ethereum and Bitcoin, now serve as the foundation for ETFs offered by Bitwise.
The investment advisor also purchased ETF Group in August to strengthen its position in Europe. Bitwise might make its XRP ETF available in all European markets.
Alongside Bitcoin and Ether, other companies, including Grayscale, VanEck, and 21Shares, were investigating cryptocurrency exchange-traded funds.
21Shares and VanEck submitted paperwork to the SEC in June on spot Solana ETFs. Last month, Grayscale made its trust tracking the Ripple asset available exclusively to accredited investors.
Grayscale might convert the trust to an ETF as it did with its flagship BTC and ETH funds. It is still being determined if the SEC will authorize an ETF for Solana or Ripple, especially considering the ambiguity surrounding cryptocurrencies and securities laws.
Notably, as of publication, Wall Street heavyweights like Fidelity and BlackRock had yet to file for SOL or XRP ETFs.
