Bitwise Asset Management Files for Spot XRP ETF With the SEC

A prominent player in the crypto investment space is filing for a new digital asset exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

Crypto investment firm Bitwise Asset Management has filed for a new digital asset exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

According to a Fox Business Report, the application is for a spot XRP ETF that will track the price movements of XRP, the native token of the XRP Ledger.

The filing was submitted on Wednesday morning and is part of Bitwise’s efforts to bring more crypto assets to the mainstream investing public.

The firm is already behind the successful launch of ETFs in the United States for Bitcoin (BTC) and Ethereum (ETH).

Several major crypto firms, including VanEck and 21Shares, have also submitted applications for a spot Solana (SOL) ETF.

However, Bitwise CEO Hunter Horsley explained that his firm chose to go a different route due to XRP's strong recognition among both crypto enthusiasts and mainstream investors.

“XRP is one of the most enduring, well-known assets in the space and is also recognized among mainstream investors.

At Bitwise we’ve always aimed to help investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP (exchange-traded product).”

The SEC has yet to respond to the filing or issue a statement on the possibility of an XRP ETF.