|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitwise Files to Launch First XRP Exchange-Traded Fund
Oct 03, 2024 at 12:44 am
On Wednesday, Oct. 2, the crypto asset manager announced it had submitted a Form S-1 with the US Securities and Exchange Commission for the Bitwise XRP ETF.
Crypto asset manager Bitwise has filed an initial registration statement for the launch of the first spot XRP exchange-traded fund.
On Wednesday, Oct. 2, Bitwise announced that it had submitted a Form S-1 with the US Securities and Exchange Commission for the Bitwise XRP ETF. XRP is the cryptocurrency by Ripple. Currently, it’s the seveth-largest crypto asset by market cap with over $32 billion.
First XRP ETF application filed with SEC
Bitwise, which is already offering a spot Bitcoin ETF and Ethereum spot ETF, is the first company to officially apply for approval to issue an exchange-traded fund tracking the daily price of XRP.
Commenting on the development, Brad Garlinghouse, CEO of Ripple, said via X:
First BTC, then ETH…it was only a matter of time.
This move underscores the growing trust & integration of digital assets like XRP into traditional finance, marking the continued adoption and maturation of the crypto market. I sense this is just the beginning.
The announcement that Bitwise is seeking SEC approval for an XRP ETF follows the filing for an XRP ETF Trust in Delaware on Tuesday, October 2, 2024.
With this official Form S-1 filing, the Bitwise XRP ETP will now await SEC’s approval, including for the Form 19b-4.
Commenting on the filing, Bitwise chief executive officer Hunter Horsley said:
“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century. It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”
The S-1 filing comes just days before a deadline for the SEC to appeal the 2023 court ruling on the status of XRP. This deadline is on October 7 and relates to the SEC’s lawsuit against Ripple and its executive over the sale of XRP, which the regulator said was a security until a US judge ruled it was not in July last year.
If the SEC does appeal the ruling over XRP sales, then it would be interesting to see how the regulator handles the application for the XRP ETF.
Ripple has been battling the SEC in a legal dispute that began in December 2020. In August 2024, Judge Analisa Torres ordered Ripple Labs to pay a $125 million civil penalty in settlement with the securities agency.
XRP price reacted positively to the news of the Bitwise XRP ETF filing, rising to intraday highs of $0.7. However, the coin has since pared most of the gains and was trading at around $0.58 at the last check.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Is Yeti Ouro (YETIO) the Next Dogecoin (DOGE)?
- Oct 03, 2024 at 04:35 am
- September has been a productive month for Dogecoin (DOGE) with significant gains analysts predicting potential for more significant gains. With DOGE recently rising by 19.36% over the past month, analysts are closely watching the market for signs of a further rally.
-
- Is Yeti Ouro (YETIO) the Next Dogecoin (DOGE)?
- Oct 03, 2024 at 04:35 am
- September has been a productive month for Dogecoin (DOGE) with significant gains analysts predicting potential for more significant gains. With DOGE recently rising by 19.36% over the past month, analysts are closely watching the market for signs of a further rally.
-
- Meme Coin Watch: PEPE and FLOKI Among Biggest Losers
- Oct 03, 2024 at 04:35 am
- The substantial drop in the crypto market today caused most assets—including Ethereum and Bitcoin—price drops. This bearish trend has also had an impact on the meme coin market; tokens like PEPE and FLOKI have seen considerable drop.