Bitwise files SEC paperwork to launch spot XRP ETF
Bitwise took the initial steps for an XRP ETF Wednesday
Bitwise Chief Investment Officer Matt Hougan | Ben Solomon Photo LLC for Blockworks
Bitwise officially filed a registration statement with the Securities and Exchange Commission for a spot XRP ETF.
According to the filing, Bitwise would hold XRP in the ETF, similar to the way it offers its ether and bitcoin ETFs.
“The Trust will hold XRP and establish its net asset value by reference to the CME CF Ripple – Dollar Reference Rate – New York Variant. The Pricing Benchmark is calculated by CF Benchmarks Ltd. based on an aggregation of executed trade flow of major XRP trading platforms,” the filing said.
The filing is the first step in a potential ETF, though SEC Chair Gary Gensler hasn’t signaled support for crypto ETFs beyond bitcoin and ether.
Back in January, after the bitcoin ETFs were approved Gensler warned that the approval didn’t signal anything “about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws.”
The Wednesday filing is light on details, with Bitwise saying that the “Trust provides investors with the opportunity to access the market for XRP through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding XRP directly. The Trust will not use derivatives that could subject the Trust to additional counterparty and credit risks.”
“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” said Bitwise CEO Hunter Horsley. “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.”
Bitwise marks the first asset manager to try for an XRP ETF, though fellow asset manager VanEck filed for a solana ETF in the US earlier this year.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
