A outstanding participant within the crypto funding area is submitting for a brand new digital asset exchange-traded fund (ETF) with the U.S. Securities and Alternate Fee (SEC).
In line 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 worth actions of XRP, in response to the report.
Bitwise has already efficiently launched ETFs in the US for Bitcoin (BTC) and Ethereum (ETH).
Whereas main crypto corporations 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 likely one of the most enduring, well-known belongings within the area and can be acknowledged amongst mainstream traders.
At Bitwise we’ve at all times aimed to assist traders entry the alternatives within the area, and we’re excited to proceed that work with our submitting for a Bitwise XRP ETP (exchange-traded product).”
The SEC has but to reply to the submitting or subject an announcement on the potential for an XRP ETF.
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Featured Picture: Shutterstock/Eduard Muzhevskyi
