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Cryptocurrency News Articles
Bitwise Adds XRP to Its Crypto Index Fund, Targeting Institutional Investors
Nov 17, 2024 at 12:01 am
The race to list exchange-traded products (ETPs) based on cryptocurrency in the U.S. picked up steam as NYSE Arca sought approval to list the Bitwise 10 Crypto Index Fund (BITW).
NYSE Arca filed with the U.S. Securities and Exchange Commission (SEC) on Monday to launch an exchange-traded product (ETP) tracking the Bitwise 10 Crypto Index Fund (BITW). The fund, which began trading in May, is designed to track the performance of the ten largest digital assets by market capitalization.
The filing marks the first time that an SEC-registered fund has included XRP in its lineup. The fund’s assets under management (AUM) stood at $1.24 billion as of Friday, according to the filing.
The filing is the latest in a string of attempts by institutional investors to gain exposure to XRP. Earlier this year, several companies, including Bitwise, 21Shares, Canary Capital, and Grayscale, filed applications with the SEC to launch XRP exchange-traded funds (ETFs).
However, the SEC has yet to approve any crypto ETFs, and it is unclear whether the agency will approve the application for the Bitwise ETP.
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