tl;dr
WisdomTree, a global asset manager with around $113 billion in assets, has initiated the process to launch an XRP ETF. The firm filed for a trust entity in Delaware, a necessary step before applying to the SEC. This move aligns WisdomTree with other asset managers pursuing XRP ETFs, such as Bitwise ...
Increasing optimism for XRP ETF approvals amid WisdomTree's $113 billion asset management and XRP's market momentum
WisdomTree initiates the process for launching an XRP ETF, positioning itself as a major player in the XRP ETF market
Ripple's legal challenges and leadership changes at the SEC could impact the agency's stance on digital assets and ease restrictions on XRP ETFs
VanEck and 21Shares file for Solana ETFs as digital assets seek ETF approval alongside XRP
The SEC has a deadline of January 6, 2025, to decide on various digital asset ETF applications
WisdomTree, a global asset manager with around $113 billion in assets, has initiated the process to launch an XRP ETF. The firm filed for a trust entity in Delaware, a necessary step before applying to the SEC. This move aligns WisdomTree with other asset managers pursuing XRP ETFs, such as Bitwise and Canary Capital. WisdomTree's proposed ETF aims to track XRP’s market performance. The firm has not yet disclosed an exchange listing or ticker symbol for the fund. XRP has seen a surge in the bull market following Gary Gensler’s resignation from the SEC, raising optimism for XRP ETF approvals. Ripple Labs’ legal challenges with the SEC and Gensler’s departure could impact the agency’s stance on digital assets. Ripple has highlighted XRP’s potential for institutional adoption, expressing optimism about the eventual approval of an XRP fund. VanEck and 21Shares have also filed for Solana ETFs, with the SEC having a deadline of January 6, 2025, to decide on these applications.
WisdomTree, a global asset manager overseeing around $113 billion in assets, has initiated the process for launching an XRP ETF. The firm recently filed for a trust entity in Delaware, a necessary precursor before submitting a formal application to the SEC.
INCREASING OPTIMISM FOR XRP ETF APPROVALS
This move positions WisdomTree alongside other asset managers entering the XRP ETF market. Bitwise filed for a similar product last month. The trust emphasized that it uses cold storage for most of its XRP holdings to ensure investor’s security. In October, Canary Capital also applied to launch a spot XRP ETF. The fund would track XRP’s price using a benchmark index, pulling data from regulated exchanges. Sponsored Sponsored Now, WisdomTree has become the third, and potentially the largest asset manager to apply for an XRP ETF. Unlike Bitwise and Canary Capital, the proposed ETF aims to track XRP’s market performance. WisdomTree XRP ETF Filing. WisdomTree XRP ETF Filing. Source: State of Delaware Official Website WisdomTree has yet to disclose an exchange listing or a ticker symbol for the fund.
“I have confirmed with the company this is a legitimate filing. Wisdom Tree has over $100 billion in assets under management,” FOX Business journalist Eleanor Terrett wrote on X (formerly Twitter)
Meanwhile, XRP has regained momentum in the bull market following Gary Gensler’s resignation from the SEC earlier this month. The token has surged by nearly 180% in November, reaching its highest price in over three years. The leadership changes at the SEC could shift the agency’s stance on digital assets. Ripple Labs’ legal challenges with the SEC have underscored the need for regulatory clarity, and Gensler’s departure might ease restrictions on XRP ETFs. Ripple has consistently highlighted XRP’s potential for institutional adoption. The firm’s CEO Brad Garlinghouse previously expressed optimism about the eventual approval of an XRP fund. He called it an inevitable development for the asset class. Furthermore, XRP is not the only digital asset looking for ETF approval after the success of Bitcoin and Ethereum ETFs. VanEck and 21Shares have also filed for Solana ETFs. The SEC currently has a deadline of January 6, 2025, to decide on these applications.