Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Bitwise files registration for a spot XRP ETF

Bitwise files registration for a spot XRP ETF

The BlockThe Block2024/09/30 16:00
By:The Block

Quick Take A spot XRP ETF has not been approved by the U.S. Securities and Exchange Commission before and if it does, would likely face challenges. Meanwhile, Grayscale has said it has plans to launch an XRP “closed-end” fund for accredited investors.

Crypto index fund manager Bitwise has filed for a spot exchange-traded fund that would give investors exposure to the token XRP -2.37% .

"We can confirm this is a registration by us," Bitwise Chief Investment Officer Matthew Hougan told The Block Tuesday. "It is a registration of a trust entity in Delaware. We can share more details and comments tomorrow."

A filing for an entity named Bitwise XRP ETF was submitted to Delaware's Department of State's Division of Corporations on Monday, with CSC Delaware Trust Company listed as the registered agent. 

A spot XRP ETF has not been approved by the U.S. Securities and Exchange Commission before, and if it does, it would likely face challenges. The SEC has been embroiled in a legal fight with Ripple after the agency accused the company of raising $1.3 billion through the sale of XRP, which it views as an unregistered security.

Some crypto ETFs began trading this year after getting the agency's go-ahead. The SEC approved several spot Bitcoin ETFs in January, including from firms such as BlackRock, Grayscale, and Fidelity. Later, the agency approved eight Ethereum ETFs. 

Meanwhile, Grayscale said it has plans to launch an XRP "closed-end" fund for accredited investors. 

ETP v ETF

The SEC often uses the term exchange-traded products, or ETPs, when discussing these products. 

An SEC official last month noted that the term exchange-traded fund is "misused." 

"When we're talking about spot bitcoin ETPs, they're exchange-traded products," said Natasha Vij Greiner, director of the SEC's Division of Investment Management, during Georgetown University's Financial Markets Quality Conference on Sept. 17.

"They're actually not under the '40 Act [Investment Company Act of 1940], they're not a 40 act product, and so there are not the same protections and some of the same considerations related to custody that we're grappling with," Greiner added. 


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Interview with VanEck Investment Manager: From an Institutional Perspective, Should You Buy BTC Now?

The support levels near $78,000 and $70,000 present a good entry opportunity.

深潮2025/11/28 07:23
Interview with VanEck Investment Manager: From an Institutional Perspective, Should You Buy BTC Now?

Macroeconomic Report: How Trump, the Federal Reserve, and Trade Sparked the Biggest Market Volatility in History

The deliberate devaluation of the US dollar, combined with extreme cross-border imbalances and excessive valuations, is brewing a volatility event.

深潮2025/11/28 07:22
Macroeconomic Report: How Trump, the Federal Reserve, and Trade Sparked the Biggest Market Volatility in History

Vitalik donated 256 ETH to two chat apps you've never heard of—what exactly is he betting on?

He made it clear: neither of these two applications is perfect, and there is still a long way to go to achieve true user experience and security.

深潮2025/11/28 07:22
Vitalik donated 256 ETH to two chat apps you've never heard of—what exactly is he betting on?

Prediction Market Supercycle

金色财经2025/11/28 07:15
Prediction Market Supercycle