Spot

Bitwise Asset Management has taken a bold step in seeking approval for a spot XRP exchange-traded fund (ETF). According to its <a href="https://www.sec.gov/Archives/edgar/data/2039525/000121390024084334/ea0216197-s1_bitwise.htm">S-1 filing</a> with the United States Securities and Exchange Commission (SEC), the proposed ETF would track the value of XRP, one of the largest cryptocurrencies by market capitalization. 
In the filing, Bitwise mentioned that BNY Mellon, one of the world’s leading financial institutions, will be the trust’s administrator. This indicates Bitwise’s effort to ensure robust oversight and credibility for the proposed ETF. Additionally, Coinbase Custody Trust Company, LLC, a subsidiary of Coinbase, will be responsible for the custody of the XRP ETF.&nbsp; 
<h2 id="b-bitwise-challenges-sec-s-stance-on-xrp-b">Bitwise Challenges SEC’s Stance on XRP</h2> 
Another key point in the filing is Bitwise’s assertion that XRP is not a security, which directly challenges the SEC’s previous stance. Bitwise’s filing pushes back against the SEC’s notion, suggesting that XRP should be viewed as a commodity or digital asset. 
Meanwhile, the outcome of this filing could have significant implications for Bitwise and the broader cryptocurrency industry. If approved, the spot XRP ETF would provide retail and institutional investors with a regulated vehicle to gain exposure to XRP. As Bitwise awaits the SEC’s decision, this filing marks a critical moment in the ongoing debate surrounding XRP’s regulatory status and the future of cryptocurrency investment products. 
<h2 id="b-ripple-ceo-open-to-xrp-etf-b">Ripple CEO Open to XRP ETF</h2> 
Recall that Ripple CEO Brad Garlinghouse expressed his <a href="https://thecoinrise.com/ripple-ceo-open-to-xrp-etf-foresees-expansion-in-etf-market/">enthusiasm toward the prospect of an XRP ETF</a> in February. Garlinghouse’s positive stance on the potential XRP ETF marks a significant moment for Ripple and the cryptocurrency community. An ETF for XRP would provide investors with a regulated and accessible avenue to gain exposure to the digital asset, further legitimizing its place in traditional finance circles. 
Meanwhile, XRP incorporation has become common since Judge Analisa Torres ruled on July 13 that the coin is not a security as the SEC has previously projected. As such, Coinbase and other<a href="https://thecoinrise.com/crypto-exchanges-relist-xrp-for-trading/"> exchanges have equally relisted the XRP token</a> on their respective platforms after the Federal Judge’s declaration. Also, XRP has been authorized to operate as a digital asset provider in Ireland. 
<h2 id="b-bitwise-investment-funds-gains-traction-b">Bitwise Investment Funds Gains Traction</h2> 
Bitwise’s spot Bitcoin ETF has witnessed a significant $2 billion influx of investor funds within the past eight months. It offers a lower management fee of 0.20%. BITB has been trading in close alignment with Bitcoin, with a discount or premium to NAV hovering around 0%. 
This has recently caused the firm’s Bitcoin and Ethereum ETFs to attract a <a href="https://thecoinrise.com/bitwise-bitcoin-and-ethereum-etf-attracts-capital-from-top-ria/">surge of capital from a large Registered Investment Advisor (RIA)</a>. Despite Bitwise’s impressive records in the crypto market, its performance and that of other crypto asset managers have been <a href="https://thecoinrise.com/blackrock-outshines-grayscale-as-biggest-crypto-etf/">overshadowed by Blackrock’s iShares Bitcoin Trust (IBIT)</a>. 
The post <a href="https://thecoinrise.com/bitwise-officially-files-for-spot-xrp-etf-in-the-us/">Bitwise Officially Files for Spot XRP ETF In The US</a> appeared first on <a href="https://thecoinrise.com/">TheCoinrise.com</a>.

Bitwise Officially Files for Spot XRP ETF In The US

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