Asset Manager Bitwise Seeks to Register XRP ETF

The renowned asset management company Bitwise intends to file for approval of an XRP ETF with the U.S. Securities and Exchange Commission (SEC).

Asset Manager Bitwise Seeks To Register Xrp Etf

On October 1st, Bitwise, a renowned asset management company, registered the establishment of an investment fund entity in Delaware, USA. Notably, the name of the fund hinted at the intention to create an investment product for XRP. While a company spokesperson confirmed the information, they have kept specific details under wraps.

Asset Manager Bitwise Seeks to Register XRP ETF
Asset Manager Bitwise Seeks to Register XRP ETF

In the financial world, registering a legal entity is seen as the first step taken by Wall Street “giants” before officially submitting an application to the U.S. Securities and Exchange Commission (SEC) for approval. This is a familiar process, previously applied to Bitcoin and Ethereum ETFs.

Bitwise is no stranger to this field. Currently, the company operates two listed products on U.S. stock exchanges: a Bitcoin ETF and an Ethereum ETF. Their Bitcoin ETF holds 2,103 BTC (equivalent to $129 million), while the Ethereum ETF owns 325.8 ETH (worth approximately $800,000).

This move by Bitwise comes shortly after Ripple, the company behind XRP, concluded its legal battle with the SEC. Ripple agreed to pay a $125 million fine to resolve allegations that XRP was an unregistered security.

However, investors should remain cautious as this is not the first time there has been news about an XRP ETF registration in Delaware. In November 2023, a similar case emerged but was later revealed to be a fraudulent attempt to manipulate XRP’s price.

Related: Ripple CEO Predicts XRP ETF Launch in 2025

Interestingly, the market seemed relatively indifferent to this news. XRP’s price showed little movement, partly due to the overall market correction on the evening of October 1st, triggered by political tensions between Iran and Israel.

XRP
XRP

Aside from XRP, Solana (SOL) has also attracted interest from several Wall Street “heavyweights” for potential ETF creation. However, financial experts believe that both XRP and SOL are unlikely to see ETFs launched by 2025. The main reasons include the lack of futures products for these cryptocurrencies and the SEC’s unfavorable stance toward crypto under the leadership of Chairman Gary Gensler.

Love

0.0/5

Love

Latest

Xrp Lawyer Refutes The Biggest Lie In The Crypto Industry

News | Editor Choice | Policy & Regulations

XRP Lawyer Refutes the Biggest Lie in the Crypto Industry

Ripple lawyer Bill Morgan firmly refutes accusations that XRP lacks legal clarity, calling it “the biggest lie” in the crypto industry today.

How To Participate In Wump Airdrop

Airdrops | Editor Choice

How to Participate in Wump Airdrop

Join the airdrop hunt for the Wump project, inspired by Telegram projects but developed on the Discord platform.

Meta Drops Bitcoin Purchase Proposal, Zuckerberg May Be The Opponent

News | Bitcoin | Editor Choice

Meta Drops Bitcoin Purchase Proposal, Zuckerberg May Be the Opponent

Meta has rejected a proposal to include Bitcoin in its asset class, showing that the tech giant remains cautious about the cryptocurrency investment trend even as many large businesses are gradually joining the game.

Elon Musk Launches Xchat Inspired By Bitcoin

News | Bitcoin | Editor Choice

Elon Musk Launches XChat Inspired by Bitcoin

Elon Musk has just unveiled XChat — a new messaging feature on the X platform that integrates Bitcoin-level encryption and is developed using the Rust programming language, promising to set a new benchmark for security and privacy in digital messaging.

Price Prediction For Pi By The End Of 2025

Pi Network | Editor Choice

Price Prediction for PI by the End of 2025

According to CoinDCX, the price of PI Coin may see an uptrend by the end of this year and could recover to the range of $2 to $2.8.