Bitwise Takes First Step Towards XRP ETF, Files in Delaware
It’s official: crypto asset manager Bitwise has made a significant move toward launching an XRP Exchange-Traded Fund (ETF) by registering a trust in the state of Delaware. This marks the first step toward establishing a spot ETF for Ripple’s XRP token.
Bitwise representatives confirmed that an application for a "Bitwise XRP ETF" was filed on September 30. However, the announcement has yet to boost XRP’s price. At the time of writing, XRP is trading at $0.597, reflecting a 5.04% decline from the previous day—potentially influenced by the ongoing Middle East conflict.
While discussions about an XRP ETF have surfaced before, previous attempts, such as filings from BlackRock, were later revealed to be false alarms.
Nate Geraci, President of ETF Store, commented on Bitwise’s filing, saying, “The decision by Bitwise to apply for an XRP ETF is highly significant. Bitwise is a very credible crypto-native fund company… This is strategic.”
Although the XRP ETF has garnered support, it’s not currently seen as a frontrunner among contenders for the third U.S. spot ETF. However, the recent resurgence of the Grayscale XRP Trust was considered a positive sign for XRP advocates.
Ripple CEO Brad Garlinghouse expressed optimism, stating, “I believe it’s only a matter of time, and it’s inevitable that we will see an XRP ETF, a Solana ETF, and a Cardano ETF, and that’s fantastic.”
Recently, Ripple celebrated a legal victory against the U.S. Securities and Exchange Commission (SEC), though the SEC could still appeal the decision, with a deadline set for the upcoming Monday.
