Asset management firm Bitwise has filed for a spot XRP exchange-traded fund (ETF) with the Delaware Division of Corporations. This filing does not confirm an immediate submission to the U.S. Securities and Exchange Commission (SEC). However, it aligns with Ripple CEO Brad Garlinghouse’s optimistic view on XRP ETFs.
The Delaware Division of Corporations website confirmed the filing details. It goes by the name Bitwise XRP ETF. The entity, named Bitwise XRP ETF, was registered with Delaware’s Division of Corporations on Monday. This is provided under the registered agent, CSC Delaware Trust Company. This registration can be seen as a step forward in the possibility of the actual listing and trading of ETF shares associated with XRP.
Though this registration appears to move forward, it does not necessarily mean the company is ready for a direct application to the SEC. Currently, no spot XRP ETF has been approved by the SEC. Also, the future filing might have a problem. This application comes against the backdrop of Ripple Labs’ ongoing battles with the SEC over the classification of XRP. The SEC has until October 7 to appeal a decision by District Judge Analisa Torres concerning programmatic sales of XRP, making the situation unpredictable.
Eleanor Terrett Confirms Bitwise’s XRP ETF Filing
The filing has garnered attention, particularly following confirmation of this news from Eleanor Terrett’s X account. She is a prominent cryptocurrency reporter known for her extensive coverage of the SEC versus Ripple case. Terrett reported that Bitwise’s Chief Investment Officer, Matt Hougan, has confirmed the filing for an XRP ETF in Delaware.
This move shows that there is increasing demand for cryptocurrency ETFs. They offer institutional and retail investors legal means of investing in digital currency and other digital assets. However, if the application of Bitwise unfolds, it might set a precedent for other firms to venture into the same. This would help to further the credibility of XRP in the eyes of the regulators and investors in particular.
Lastly, the registration of Bitwise’s proposal for a place in the XRP ETF marks a new milestone in the evolution of cryptocurrencies. It shows that it remains focused on connecting conventional finance with crypto, even in the face of regulatory risks.
