tl;dr
Bitwise plans to launch a cryptocurrency exchange-traded fund (ETF) based on XRP, following SEC approvals of Bitcoin and Ethereum ETFs this year. Bitwise, a San Francisco-based crypto asset manager, confirmed the legitimacy of the application filed with the state of Delaware. XRP, the seventh-larges...
Bitwise plans to launch a cryptocurrency exchange-traded fund (ETF) based on XRP, following SEC approvals of Bitcoin and Ethereum ETFs this year. Bitwise, a San Francisco-based crypto asset manager, confirmed the legitimacy of the application filed with the state of Delaware.
XRP, the seventh-largest cryptocurrency by market cap, was created by the founders of Ripple, a fintech company focused on cross-border payments. The SEC's approval of an XRP ETF is uncertain due to its legal battle with Ripple, which faced a $1.3 billion lawsuit alleging the sale of unregistered securities. Despite a partial court win for Ripple, the outcome remains unclear.
Bitwise hopes to launch another major cryptocurrency exchange-traded fund (ETF), confirming to Decrypt that an application for an XRP fund filed with the state of Delaware is legitimate. The application to launch the ETF based on XRP comes following SEC approvals of Bitcoin and Ethereum ETFs from various firms earlier this year.
ETFs are popular investment vehicles that trade on stock exchanges and give investors exposure to an underlying asset. The crypto ETFs approved in the U.S. this year have been hugely popular, bringing in billions of dollars in inflows in over a short period of time.
The San Francisco, California-based Bitwise is a crypto asset manager that offers clients a number of investment funds. Bitwise confirmed that the filing is real, but told Decrypt that it wouldn’t comment on a “fund that is in the filing stage.”
XRP was created by the founders of Ripple, a fintech company that wants to speed up cross-border payments. The cryptocurrency and the company now operate separately. It isn’t guaranteed that the SEC will approve an XRP ETF after clashing with Ripple in a long legal battle for years.
The SEC hit Ripple with a $1.3 billion lawsuit in 2020, alleging that the company sold unregistered securities in the form of XRP to investors to raise funds.
Last year, Ripple scored a partial court win against the SEC when a judge ruled that programmatic sales of XRP to retail investors did not qualify as securities. While the judge also said that $728 million worth of contracts for institutional sales did constitute unregistered securities sales, the ruling sent shockwaves through the industry and was widely interpreted as a victory for the crypto industry.
The price of XRP is now trading for $0.61, up 3% over the past seven days. Additional reporting by André Beganski
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