Bitwise is making headlines yet again with a new application for an XRP ETF, following their previous successful Bitcoin and Ethereum ETF launches. Confirmed by
Decrypt
, this legitimate
application
, filed in Delaware, signifies Bitwise’s commitment to expanding their cryptocurrency portfolio.
Bitwise Expands Crypto Offerings with XRP ETF
Bitwise’s move to introduce an XRP ETF is a noteworthy progression, especially after receiving approvals for Bitcoin and Ethereum ETFs earlier this year. Heretofore, these ETFs have attracted significant inflows, highlighting the growing interest among investors for diversified crypto assets.
XRP ETF: What It Means for Investors
Exchange-traded funds (ETFs) provide an accessible method for investors to gain exposure to different assets, including cryptocurrencies like XRP. The approval of these ETFs in the U.S. has led to immense enthusiasm, generating billions in capital within a short timeframe. This new XRP ETF, should it be greenlit, promises to continue this trend of making crypto investments more approachable and mainstream.
Based in San Francisco, Bitwise Asset Management is renowned for offering a wide array of cryptocurrency investment funds. Though they have confirmed the legitimacy of this new XRP ETF application, they have refrained from commenting extensively on funds still in the filing phase.
Legal Challenges and XRP’s Journey
The journey of XRP, created by the founders of Ripple, has been fraught with legal challenges. XRP operates independently from Ripple now, but its past has been marked by a $1.3 billion lawsuit from the SEC over allegations of unregistered securities sales. Although Ripple achieved a partial victory in court last year, with programmatic sales of XRP to retail investors not qualifying as securities, institutional sales were deemed unregistered securities.
The legal ruling has had a profound impact on the crypto industry, often considered a win for the broader cryptocurrency community. Lately, XRP’s price has seen a notable rise, currently trading at $0.61, reflecting optimistic sentiment in the market.
Additional reporting by André Beganski
Edited by Andrew Hayward
Editor’s note: This story was updated after publication with additional details.
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