WisdomTree, a prominent New York-based asset management firm overseeing $113 billion in assets, has filed for an XRP exchange-traded fund (ETF) with Delaware authorities.
WisdomTree, a prominent New York-based asset management firm overseeing $113 billion in assets, has filed for an XRP exchange-traded fund (ETF) with Delaware authorities. This filing adds the company to a growing list of firms aiming to bring an XRP ETF to the U.S. market, signaling heightened interest in the cryptocurrency despite ongoing regulatory uncertainties.
XRP, currently the sixth-largest cryptocurrency by market capitalization, has seen renewed attention following a dramatic price surge. The token recently reached a three-year high of $1.60 before stabilizing around $1.46. Market enthusiasm stems from the potential for a regulatory shift, with the expected departure of Securities and Exchange Commission (SEC) Chair Gary Gensler in early 2025. Many investors anticipate that the incoming administration will take a more favorable stance on cryptocurrencies.
In addition to WisdomTree, several major players are pursuing XRP ETFs. Asset management company 21Shares recently filed with the SEC for the 21Shares Core XRP Trust, which would enable U.S. investors to trade XRP-based shares. Other firms such as Bitwise, Grayscale and Canary Capital have also shown interest in the XRP ETF market, reflecting the growing demand for such financial products.
Despite the flurry of filings, the SEC has yet to approve any XRP ETFs. The regulatory body remains entangled in a legal battle with Ripple, the issuer of XRP. Since 2020, the SEC has alleged that Ripple raised $1.3 billion through unregistered securities sales. While Ripple achieved a partial legal victory in July 2023—when a court ruled XRP is not a security in retail sales—the case was appealed and remains unresolved, creating ongoing challenges for ETF approvals.
WisdomTree’s experience with cryptocurrency exchange-traded products (ETPs) in Europe, including offerings for XRP and Ethereum, positions the firm as a strong contender in this competitive market. Meanwhile, BlackRock’s iShares Bitcoin ETF has already revealed a strong appetite for digital asset investment products in the U.S., paving the way for other crypto ETFs.
Legal experts and crypto advocates continue to voice optimism about XRP’s resilience. Attorney John Deaton recently described XRP as “the most resilient crypto asset,” emphasizing its ability to weather regulatory challenges and maintain market relevance.
The broader cryptocurrency market has also been buoyed by political developments. The Trump administration’s return is expected to foster blockchain innovation, potentially creating a more favorable environment for the approval of XRP ETFs.
Final decisions on pending XRP ETF applications, including those from WisdomTree and 21Shares, are anticipated in 2025. The outcomes will likely set critical precedents for the integration of cryptocurrency into mainstream financial markets.
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