Bitwise Makes XRP ETF Plans Official With SEC Filing
Summary
Bitwise submitted an S-1 form to the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) tied to XRP, a major cryptocurrency associated with Ripple. The filing indicates Bitwise's intent to provide investors exposure to XRP, which has a market capitalization of $33 billion. This submission follows the registration of a trust entity named "XRP ETF" in Delaware. The S-1 filing is an initial step; however, it requires a subsequent 19b-4 filing for a rule change at the stock exchange for the ETF to be listed. The SEC is not obligated to respond to the S-1, potentially delaying approval for years. Industry experts view Bitwise's initiative as significant, noting the firm's credibility in the crypto space.
