A distinguished participant within the crypto funding house is submitting for a brand new digital asset exchange-traded fund (ETF) with the U.S. Securities and Change Fee (SEC).
In keeping with a Fox Enterprise Report, Bitwise Asset Administration, the biggest crypto index fund supervisor within the US, has filed to launch a spot ETF for XRP, the native token of the XRP Ledger.
On Wednesday morning, Bitwise, which manages $4.5 billion in belongings, submitted an S-1 registration assertion to the SEC for a spot XRP ETF monitoring the value actions of XRP, in accordance with the report.
Bitwise has already efficiently launched ETFs in the US for Bitcoin (BTC) and Ethereum (ETH).
Whereas main crypto companies like VanEck and 21Shares have submitted similar applications for a spot Solana (SOL) ETF, Bitwise CEO Hunter Horsley explains why his agency selected to go a unique route.
“XRP is among the most enduring, well-known belongings within the house and can also be acknowledged amongst mainstream buyers.
At Bitwise we’ve all the time aimed to assist buyers entry the alternatives within the house, and we’re excited to proceed that work with our submitting for a Bitwise XRP ETP (exchange-traded product).”
The SEC has but to answer the submitting or situation a press release on the potential of an XRP ETF.
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Featured Picture: Shutterstock/Eduard Muzhevskyi
