Bitwise files S-1 for XRP ETF

Key receivers

Bitwise has officially filed an S-1 with the SEC for the XRP ETF. The filing marks Bitwise's first attempt to launch an XRP-based ETF.

Share this article

Bitwise Asset Management, a key player in the digital asset sector, has filed an S-1 registration form with the SEC to launch an XRP ETF. The Oct. 2 filing comes shortly after the firm filed to form a fiduciary entity for the XRP ETF in Delaware on Monday.

This move marks a major step forward in Bitwise's efforts to bring the XRP ETF to the US market and expand its investment offerings. If approved, the Bitwise XRP ETF will provide investors with a controlled and efficient way to gain exposure to the digital asset that powers the XRPL public blockchain.

“At Bitwise, we believe that blockchains will bring new, apocalyptic financial assets and permissionless applications to the 21st century,” said Hunter Horsley, CEO of Bitwise. “That's why we've helped investors discover the opportunities in the space for the past seven years, and we're excited to continue that work for the Bitwise XRP ETP.”

ETF experts warn Bitwise bid for XRP ETF could be hampered if SEC appeals Ripple Buyer, which It has determined that XRP sales on secondary markets are not securities.

The SEC's appeal window is open until October 7. If the SEC formally files an appeal by the deadline, this will prolong the legal process and create uncertainty regarding XRP's regulatory status.

However, Bitwise He knows. This potential legal danger. As the firm stated in its S-1 filing, if XRP is classified as a security, “in Under the Investment Company Act 1940, a trust may be treated as an unregistered ‘investment company', which may require the termination of the trust under the terms of the trust. agreement”

This is a developing story. We'll provide an update as we learn more.

Share this article