Bitwise Asset Management, a prominent player in the crypto investment space, is making waves once again by filing for a new digital asset exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The company, known for being the largest crypto index fund manager in the US with $4.5 billion in assets under management, has set its sights on launching a spot ETF for XRP, the native token of the XRP Ledger.
In a recent report by Fox Business, it was disclosed that Bitwise has submitted an S-1 registration statement to the SEC for a spot XRP ETF that will track the price movements of XRP. This move comes after Bitwise successfully launched ETFs in the United States for other major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
While other crypto firms like VanEck and 21Shares have also applied for spot ETFs, Bitwise CEO Hunter Horsley has expressed his firm’s unique approach to choosing XRP for their new product. Horsley stated, “XRP is one of the most enduring, well-known assets in the space and is also recognized among mainstream investors. At Bitwise, we’ve always aimed to help investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP (exchange-traded product).”
Despite the filing, the SEC has not yet responded or issued a statement regarding the possibility of an XRP ETF. This development has sparked interest and anticipation within the crypto community as investors await further updates on the progress of Bitwise’s application.
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