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Bitwise, a $4.5 billion asset manager, announces it has officially filed for an XRP exchange-traded product (ETP) with the US Securities and Exchange Commission.
In a tweet on Wednesday, Bitwise noted it had filed an S-1 form with the securities top dog for a Bitwise XRP ETP. Per the announcement, the fund will hold XRP and provide investors with alternative means of investing in the XRPL native token.
Bitwise Makes Filing Official
The asset manager, who already offers Bitcoin and Ethereum ETFs to clients, publicly confirmed its push for the XRP ETF a few days after the application was seen on the Delaware Division of Corporation website.
Although an earlier report stated that a Bitwise spokesperson confirmed the filing, the asset manager had yet to apply to the SEC. However, the Wednesday application reinstated Bitwise’s ploy to expand its crypto offering to the seventh-largest digital asset by market cap.
Notably, the filing shows that Bitwise has not selected the exchange where the XRP ETF will trade or the fund’s ticker. However, the asset manager could amend the application as it progresses with the SEC approval process.
Stakeholders React
Reacting to the filing, Bitwise CEO Hunter Horsley stated that blockchain technology will provide the 21st century with “new apolitical monetary assets and permissionless applications.” He further noted that the XRP ETF was part of the firm’s commitment to provide endless opportunities for investors in the crypto space.
Ripple’s CEO Brad Garlinghouse also reacted to the announcement, noting it was just the beginning. He said the ETF application underscores the growing trust and adoption of digital assets like XRP into the traditional system.
Traditional financial institutions’ traction towards XRP was first noticed when Grayscale launched an XRP Trust last month. The launch fueled the prospect of an impending ETP, with a speculator asserting that the SEC will approve an XRP ETF before that of Solana.