Key Takeaways:
- Bitwise has filed for an XRP ETF with Delaware’s Division of Corporations, marking a step toward institutional XRP investment.
- Ripple’s CEO views an XRP ETF as “inevitable,” following similar moves with Bitcoin and Ether ETFs.
- The XRP ETF filing occurs amid Ripple’s ongoing legal dispute with the SEC, with both parties awaiting the outcome of the SEC’s appeal.
Bitwise has filed for an XRP exchange-traded fund (ETF) with the State of Delaware, as revealed in a document on the Division of Corporations website.
This early-stage filing, confirmed by a Bitwise spokesperson, was incorporated on September 30, 2024, with CSC Delaware Trust Company listed as the registered agent.
🚨SCOOP: Crypto asset manager @BitwiseInvest has filed in the state of Delaware for an $XRP ETF.
— Eleanor Terrett (@EleanorTerrett) October 1, 2024
More details to come. Stay tuned. 😁 pic.twitter.com/2q7zDj7aYm
While significant, the filing does not guarantee immediate registration with the Securities and Exchange Commission (SEC), as formal submissions could still take time.
The move follows Ripple CEO Brad Garlinghouse’s comments on the potential inevitability of an XRP ETF, following similar Bitcoin and Ether ETFs.
Approval of the XRP ETF could provide institutional investors regulated exposure to the cryptocurrency, increasing liquidity and adoption.
This development comes amid Ripple’s legal battle with the SEC, where a partial ruling declared XRP not a security when traded publicly, though institutional sales remain under scrutiny.
Both parties have requested a stay in the case, pending the SEC’s appeal.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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