United States exchange-traded funds (ETF) issuer and asset manager WisdomTree has registered with the State of Delaware for a spot XRP ETF. The asset manager has taken the first step, indicating that an official filing with the U.S. Securities and Exchange Commission will come soon.
Over the past few days, the upsurge in the XRP price has drawn the attention of crypto investors and firms. Many see it as one of the next big players since it ranks as the sixth-largest crypto by market capitalization.
WisdomTree Join XRP ETF Craze
According to Fox Business reporter Eleanor Terrett, the asset manager submitted a filing for the XRP fund on Monday. However, it has not revealed where it will be listed or its corresponding ticker.
The proposed spot XRP ETF would track the price of XRP, the native crypto token of the Ripple payment network. This would allow investors to gain exposure to the crypto without acquiring it directly from the open market.
🚨NEW: Global ETF provider @WisdomTreeFunds has registered in the state of Delaware for an $XRP ETF. I have confirmed with the company this is a legitimate filing.
Wisdom Tree has over $100 billion in assets under management. pic.twitter.com/BXutcLIW3x
— Eleanor Terrett (@EleanorTerrett) November 25, 2024
WisdomTree is only one of the asset managers aiming for a spot XRP ETF. Asset manager Bitwise opened the door two months ago by registering with Delaware. After that, it filed an S-1 application for the fund with the U.S. SEC.
The SEC has not reacted to or replied to any filings for a spot XRP ETF. However, with the forthcoming resignation of SEC crypto-pessimistic Chairman Gary Gensler, the asset managers have become even more hopeful that their forms will be attended to if a pro-crypto chair takes on the SEC chairman role.
Recent ETF Filings
With the U.S.-approved Bitcoin and Ether ETFs already in operation, asset managers have made moves to establish other crypto ETFs under Donald Trump’s forthcoming administration.
ETF issuers in America recently filed for a spot Solana ETF, and the SEC has started reviewing the applications. It expects further filings from many more intending issuers.
Meanwhile, as a renowned asset manager in the U.S., WisdomTree was also approved to launch its Bitcoin ETF simultaneously with BlackRock and others. While its BTC ETF, BTCW, has not recorded tremendous inflows, it is still active in the market, recording only two outflow days since its launch in January. BTCW has an all-time net inflow of $216.8 million.
