Bitwise, a leading cryptocurrency asset manager, has officially submitted an application to the Delaware Division of Corporations to launch a regulated XRP exchange-traded fund (ETF) trust.
The ETF trust would allow investors to gain exposure to XRP, the third-largest cryptocurrency by market capitalization, through a traditional investment vehicle. This move marks a significant development in the cryptocurrency space as it would provide more mainstream opportunities for individuals and institutions to invest in XRP.
Bitwise has been known for its innovative approach to managing cryptocurrency assets, having previously launched the world’s first cryptocurrency index fund in 2017. The company also successfully launched the first DeFi Index Fund in 2021.
The XRP ETF trust filing in Delaware is a strategic move by Bitwise to potentially capitalize on the growing interest in cryptocurrencies, particularly XRP. With the recent surge in the value of XRP, the timing of this filing could attract a significant amount of investor interest.
According to CryptoSlate, Bitwise’s filing is just the latest in a series of ETF proposals for various cryptocurrencies, including Bitcoin and Ethereum. The Securities and Exchange Commission (SEC) has been hesitant to approve cryptocurrency ETFs in the past, but with increasing regulatory clarity and growing institutional interest, there is optimism that a Bitcoin or Ethereum ETF could be approved in the near future.
Overall, the filing of the XRP ETF trust in Delaware by Bitwise signals a step towards mainstream acceptance and adoption of cryptocurrencies like XRP. This move could potentially open up new investment opportunities for those looking to diversify their portfolios with digital assets. Investors will be eagerly watching to see how regulators respond to this filing and what the future holds for cryptocurrency ETFs.
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