Key Takeaways
Bitwise has officially filed an S-1 with the SEC for an XRP ETF.
The filing marks Bitwise’s first attempt at launching an XRP-based ETF.
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Bitwise Asset Management, a key player in the digital asset sector, has submitted an S-1 registration form to the SEC to launch an XRP ETF. The filing, dated October 2, comes shortly after the firm filed to establish a trust entity for a potential XRP ETF in Delaware on Monday.
The move marks a huge step forward in Bitwise’s efforts to bring an XRP ETF to the US market and to expand its investment offerings. If approved, the Bitwise XRP ETF would provide investors with a regulated and efficient way to gain exposure to the digital asset that powers the XRPL public blockchain.
“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” Bitwise CEO Hunter Horsley said in a recent press release. “It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”
However, ETF experts have warned that Bitwise’s bid for an XRP ETF could falter if the SEC appeals the Ripple ruling, which determined that XRP sales to retail on secondary markets were not securities.
The SEC’s appeal window is still open until October 7. If the SEC formally files an appeal by the deadline, this would prolong the legal proceedings and create uncertainty regarding XRP’s regulatory status.
This is a developing story. We will give an update as we learn more.
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