- Bitwise has filed an application for an XRP exchange-traded fund (ETF) in the state of Delaware.
- The application was independently confirmed by a Bitwise spokesperson, and the ETF was incorporated on Sept. 30, 2024.
- This move follows previous hints from Ripple’s CEO about the inevitability of an XRP ETF.
Bitwise files for XRP ETF in Delaware, marking a potential milestone for institutional crypto investment.
Bitwise Submits XRP ETF Application in Delaware
Bitwise, a prominent crypto-focused asset manager, has recently filed an application for an XRP exchange-traded fund (ETF) in Delaware. The application, which appeared on the Delaware Division of Corporations website, was confirmed by a spokesperson from Bitwise, signaling a significant development in the crypto investment landscape.
Details of the XRP ETF Filing
The Bitwise XRP ETF was officially incorporated on September 30, 2024. The filing lists CSC Delaware Trust Company as the registered agent, with headquarters in Wilmington, Delaware. This strategic move follows hints from Ripple’s CEO, Brad Garlinghouse, who earlier suggested that the launch of an XRP ETF was an inevitable consequence of the growth of Bitcoin and Ether ETFs in the U.S. market.
Potential Impact on Cryptocurrency Market
The approval of an XRP ETF could offer institutional investors a regulated avenue to gain exposure to XRP, potentially increasing liquidity and adoption of the token. This follows a period of heightened speculation, including a rumored XRP ETF by BlackRock’s iShares that led to a temporary surge in XRP prices before being debunked.
Regulatory Scrutiny and Market Reactions
Delaware prosecutors are currently investigating the fake BlackRock filing, underscoring the importance of regulatory oversight in the crypto space. As the market reacts to these developments, further adjustments and official statements from regulatory bodies and companies involved are highly anticipated.
Conclusion
The filing of Bitwise’s XRP ETF marks a crucial step toward increased institutional involvement in the cryptocurrency market. While the approval process is still underway, it sets a precedent for future financial products that could redefine digital asset investment strategies. Stay tuned for further updates as this story unfolds.
