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.

0.0/5

Love

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

What Is Scroll Information About Scr Token

Editor Choice | Research

What is Scroll? Information about SCR Token

Scroll is a Layer 2 solution that utilizes ZK-Rollups technology, known for its EVM compatibility, high security, and scalability. Scroll has successfully raised 80 million USD through two funding rounds and is among the top 5 most developed Layer 2 projects currently. The SCR token is used for governance and serves as a reward to incentivize development within the Scroll ecosystem.

Fears Of $1,3 Billion Eth Selloff From Plustoken Scam 1

Altcoin | Editor Choice | News

Fears of $1.3 Billion ETH Selloff from PlusToken Scam

1.3 billion USD worth of ETH from the Ponzi scheme PlusToken has unexpectedly "revived" in China, raising concerns in the community about a potential strong sell-off.

Azcnews Solana Set To Surge If Donald Trump Becomes U.s. President

News | Altcoin | Analytics | Editor Choice

Solana Set to Surge if Donald Trump Becomes U.S. President

Solana (SOL) has been one of the best-performing cryptocurrencies this year, starting out at around $105 before soaring to over $200 in March. While it has since lost momentum, SOL is still up 40% year-to-date and is likely to continue growing in Q4.

Vitalik Buterin Nominated For Nobel Prize

Policy & Regulations | Editor Choice | News

Vitalik Buterin Nominated for Nobel Prize

Vitalik Buterin has been highly regarded by two renowned economists for the Nobel Prize in Economics, which will take place on October 14.

Azcnews Toncoin Continues To Decline Amid Mixed Signals

News | Altcoin | Analytics | Editor Choice

Toncoin Continues to Decline Amid Mixed Signals

Toncoin [TON] has been through a volatile period this past week, with a 9.26% drop in market price. While there are signs of recovery, the progress has been modest, with a slight increase of 0.52% over the past 24 hours.