Crypto asset manager Bitwise files for first XRP exchange-traded fund

Published On Oct 2, 2024, 9:00 AM

Bitwise has filed a registration statement with the SEC to launch the first XRP exchange-traded fund (ETF). This move marks Bitwise as the first firm to seek approval for a spot ETF focused on XRP, the seventh-largest cryptocurrency by market capitalization, currently valued at around 60 cents. Although the filing is a significant step, the chances of approval depend on the SEC's perceptions of XRP's regulatory status following a contentious lawsuit with Ripple, which has yet to resolve all legal uncertainties surrounding XRP. If approved, this ETF could provide investors with easier access to XRP.