Bitwise Files for Ripple XRP ETF Ahead of US Election

Bitwise has planned to launch a Ripple XRP exchange-traded fund (ETF) with the Delaware’s Department of State’s Division of Corporations on Monday. This move comes ahead of the US election in November and could signal a potential turning point for XRP adoption. Crypto enthusiast Nate Geraci believes this is a strategic political move by Bitwise, a well-respected crypto fund manager.

Establishing a registered trust entity is the first step towards listing and trading ETF shares. Asset managers like Bitwise, BlackRock, and Fidelity filed trust entities before launching their Bitcoin and Ethereum ETFs.

Bitwise applied for a “Bitwise XRP ETF” entity with Delaware’s Department of State’s Division of Corporations on Monday. CSC Delaware Trust Company was listed as the registered agent. Bitwise Chief Investment Officer Matthew Hougan confirmed the move but declined to comment further, stating that details would be shared the next day.

Read also: XRP ETF Speculation Fuels Spike in Options Market Activity

A Political Move or an Inevitable Trend?

Geraci sees Bitwise’s XRP ETF filing as a likely “call option” for the upcoming US election in November. He called it a strategic move, saying, “Bitwise is a highly credible crypto-native fund firm that doesn’t just throw stuff at the wall.”

Geraci argued that Bitwise’s trust entity registration signals the potential launch of an XRP ETF. Despite any short-term political influence, he sees the long-term trend as “inevitable.” He also suggested that Bitwise may offer XRP in an ETF wrapper. With the growing popularity of ETFs, the firm’s ultimate goal may be “full tokenization,” changing the investment landscape.

Read also: Ripple President: XRP ETF Makes “A Lot of Sense”

Despite the significant development within the XRP space, the token has experienced a daily decline of 2.53%. However, XRP, trading at $0.6043 at press time, has seen notable surges of 2.30% and 10.59% over the past week and month, respectively.