Bitwise submits XRP ETF bid with SEC 

Bitwise has taken another step towards an XRP ETF with its official Securities and Exchange Commission filing.

On October 2, crypto index fund manager Bitwise filed a Form S-1 document with the US SEC for an XRP exchange-traded fund, according to the regulator’s official website. A press release from the company confirmed the application, and Bitwise CEO Hunter Horsley said the XRP ETF will increase opportunity access for more crypto investors.

At Bitwise, we believe blockchains will pioneer new, apolitical monetary assets and permissionless applications in the 21st century.

Hunter Horsley, Bitwise CEO

Form S-1 represents the registration of securities with the SEC and is the procedural step before any ETF is listed on Wall Street. Approval of Form 19b-4 paperwork, a proposed rule change, is also required. As reported by Crypto.news, Bitwise’s SEC filing comes after the firm registered for the XRP ETF with Delaware Trust on October 1.

Bitwise will expand its crypto ETF suite with XRP

If successful, Bitwise XRP ETP will join a number of cryptocurrency investment vehicles issued by the digital asset fund manager. Bitwise currently owns ETFs backed by Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap.

In August, the wealth advisor also acquired ETF Group to increase its presence in Europe. Bitwise may consider offering its XRP ETF on markets in Europe.

Other firms such as Grayscale, VanEck and 21Shares were also exploring crypto ETFs other than Bitcoin and Ether. In June, 21Shares and VanEck filed documents with the SEC for spot Solana (SOL) ETFs. Grayscale launched its trust tracking Ripple asset last month, but only for accredited investors. Grayscale could roll the trust into an ETF, as it has previously done with its flagship BTC and ETH funds.

Whether the SEC will approve Solana or the Ripple ETF remains to be seen, especially given the uncertainty surrounding cryptocurrencies and securities law. Wall Street heavyweights like BlackRock and Fidelity had not yet filed for SOL or XRP ETFs at press time.