Cryptocurrency asset manager Bitwise has officially filed for the first spot XRP exchange-traded fund (ETF) with the United States Securities and Exchange Commission.
The Bitwise XRP ETF, subject to approval from the SEC, will provide exposure to the value of XRP (XRP) held by the trust “less the expenses of the trust’s operations and other liabilities,” the filing reads.
Source: Bitwise
“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” Bitwise CEO Hunter Horsley said in a press release announcing the news on Oct. 2.
“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,” he added.
Related: Bitwise files XRP ETF trust registration in Delaware
Predictions and easter eggs
Nate Geraci, president of the ETF Store — an investment advisory firm specializing in ETFs — gave his predictions and expectations for the spot XRP ETF, calling it “highly noteworthy.”
Geraci suggested that the filing is likely to be a “call option” of the “November election” but clarified that Bitwise “doesn’t just throw stuff” at a wall. He added:
“That’s simply not in their DNA. This is strategic.”
Journalist Eleanor Terrett also weighed in, informing followers on X that Canary Capital — a crypto-focused investment firm — had incorporated an XRP ETF with the Delaware Division of Corporations on Sept. 24.
Terret noted that the crypto investment firm was founded by the former chief investment officer and co-founder of asset management firm Valkryie.
Ripple Dubai license approval
On Oct. 1, Ripple — the blockchain technology company behind the XRP cryptocurrency — announced that it had received an in-principle license approval from the Dubai Financial Service Authority, which allows the firm to establish a presence in the region.
Once fully approved, Ripple can offer cross-border payment services for fiat and digital assets in the Dubai International Financial center (DIFC) within the United Arab Emirates.
To finalize the process, companies in the DIFC, including crypto-related entities, must meet multiple prerequisites before they can be issued a full license in the UAE.
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