Bitwise XRP ETF S-1 Form Now Filed With SEC - Coincu

Key Points:

• Bitwise Asset Management has submitted an S-1 registration form to the SEC to launch Bitwise XRP ETF.
• The SEC has yet to approve a spot XRP ETF and is currently engaged in a legal battle with Ripple.

Bitwise Asset Management, one of the giants in the digital asset space, has filed an S-1 registration form with the US Securities and Exchange Commission to offer an XRP Exchange-Traded Fund.

Read more: Bitwise Spot XRP ETF Was Proposed With Community Excitement

Bitwise XRP ETF S-1 Form Filed With SEC

The October 2nd filing follows weeks after Bitwise created a trust entity for a proposed XRP ETF in Delaware. The filing represents a significant step toward the company’s goal of offering an XRP ETF in the U.S. market as a way to give investors exposure to the cryptocurrency, which powers the XRPL blockchain, in a regulated manner.

If approved, Bitwise XRP ETF would be the first spot XRP ETF in the United States pretty big ask, given the pending case the SEC has against Ripple, the issuing company behind the XRP. The SEC‘s complaint says that Ripple raised $1.3 billion through an unregistered securities sale of XRP.

While the S-1 filling is needed, this might be a very time-consuming process. The following most important move could be filing the 19b-4 form, which marks a rule change at the stock exchange to list the ETF. Unlike in the case of the 19b-4, in which it’s got to respond in a given period, there is no such requirement for the S-1.

Bitwise Makes Serious Move into Cryptocurrency Products Amid Surging ETF Interest

The same filing saw Bitwise strongly disagree with the Commission’s belief that XRP was a security. The move was welcomed by Ripple CEO Brad Garlinghouse, who said he expects more asset managers to file an application for an XRP ETF. According to him, the earlier approval of Bitcoin and Ethereum ETFs signified that the approval of an XRP ETF was inevitable.

If successful, Bitwise XRP ETF would join its existing suite of cryptocurrency investment products, which includes already Bitcoin and Ethereum ETFs. This August, the firm also bought ETF Group to expand its European exposure, which could be an indication that plans to offer the XRP ETF are going global.

Bitwise XRP ETF is not a lonely race for Bitwise to expand crypto ETFs. Companies like Grayscale, VanEck, and 21Shares all weigh their options for ways they can extend crypto ETFs beyond Bitcoin and Ethereum. For instance, Grayscale just launched a trust-tracking Ripple asset, strictly available to accredited investors, but it might turn it into an ETF sometime later.

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