Bitwise files SEC paperwork to launch spot XRP ETF

Bitwise took the initial steps for an XRP ETF Wednesday

article-image

Bitwise Chief Investment Officer Matt Hougan | Ben Solomon Photo LLC for Blockworks

share

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:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

EtherFi, the largest liquid restaking protocol, is repositioning itself as a consumer-facing crypto neobank. Beyond staking, it is building a revenue mix around cards, vaults, and trading, aiming to capture sustainable front-end economics in DeFi. The shift highlights EtherFi’s ambition to expand from infrastructure into a full financial platform.

article-image

Legion’s reputation-based fundraising will expand through Kraken Launch, offering compliant and transparent token sales to global investors

by Blockworks /
article-image

Blockchain protocol introduces XPL token and zero-fee transfers as it targets global stablecoin adoption

by Blockworks /
article-image

With rate cuts priced in and deeper liquidity, it’s not surprising to see certain speculative assets getting a bid

article-image

Lending giant is moving to ERC‑4626 share accounting and preparing to shutter underperforming networks, with 86% of revenue on Ethereum mainnet

article-image

The payments firm introduces a USDC-based app on Stellar, aiming to modernize remittances in volatile currency markets

by Blockworks /
article-image

MarginFi fixed a flaw that could have let attackers borrow funds without repayment

by Blockworks /