Crypto asset management firm Bitwise has taken a significant step to expand its crypto Exchange-Traded Funds (ETF) products by filing for a spot XRP ETF in addition to the already existing Bitcoin ETF, BITB, and Ether ETF (ETHW).
Prior to the application, Bitwise had already taken the first step by registering a trust with the state of Delaware, hinting investors on the next move.
Bitwise Unveils Next Plan With S-1 Filing
Bitwise submitted the S-1 Application for a spot XRP ETF with the U.S. Securities and Exchange Commission (SEC) on Wednesday morning. If the SEC approves the filing, investors can access XRP, Ripple Labs’ native token, by purchasing the ETF directly without buying from a crypto exchange or owning a digital wallet.
Although the SEC has not replied to the just-submitted filing, Bitwise officials have expressed optimism about their recent move and look forward to positive feedback from the agency. The $4.5 billion asset manager believes that XRP is a sustainable cryptocurrency that has gained the attention of many institutional crypto investors.
Bitwise CEO Hunter Horsley said concerning the filing,
“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” he added, “It’s why, for the past seven years, we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”
Prior to its latest filing, Bitwise extended its presence into the European financial market by acquiring ETC Group, a renowned crypto ETP issuing firm in London. The company promised to offer customers improved professional services.
XRP Recent Price Action
XRP has not reacted positively to the recent developments and filing announcement, as the entire crypto market is down.
According to live data from CryptocurrenciesToWatch, XRP is the seventh-highest crypto by market capitalization, and it trades at around $0.5830, reflecting the bearish market condition.
Due to the recent downtrend, the crypto market has lost about $500 million as many long derivatives trade positions have been liquidated. Notably, October is usually a bullish month. Thus, many traders still believe that the crypto market will rebound to a bullish move before the month ends.
