Bitwise Files to Launch First XRP Exchange-Traded Fund

On Wednesday, Oct. 2, the crypto asset manager announced it had submitted a Form S-1 with the US Securities and Exchange Commission for the Bitwise XRP ETF.

Crypto asset manager Bitwise has filed an initial registration statement for the launch of the first spot XRP exchange-traded fund.

On Wednesday, Oct. 2, Bitwise announced that it had submitted a Form S-1 with the US Securities and Exchange Commission for the Bitwise XRP ETF. XRP is the cryptocurrency by Ripple. Currently, it’s the seveth-largest crypto asset by market cap with over $32 billion.

First XRP ETF application filed with SEC

Bitwise, which is already offering a spot Bitcoin ETF and Ethereum spot ETF, is the first company to officially apply for approval to issue an exchange-traded fund tracking the daily price of XRP.

Commenting on the development, Brad Garlinghouse, CEO of Ripple, said via X:

First BTC, then ETH…it was only a matter of time.

This move underscores the growing trust & integration of digital assets like XRP into traditional finance, marking the continued adoption and maturation of the crypto market. I sense this is just the beginning.

The announcement that Bitwise is seeking SEC approval for an XRP ETF follows the filing for an XRP ETF Trust in Delaware on Tuesday, October 2, 2024.

With this official Form S-1 filing, the Bitwise XRP ETP will now await SEC’s approval, including for the Form 19b-4.

Commenting on the filing, Bitwise chief executive officer Hunter Horsley said:

“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century. It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”

The S-1 filing comes just days before a deadline for the SEC to appeal the 2023 court ruling on the status of XRP. This deadline is on October 7 and relates to the SEC’s lawsuit against Ripple and its executive over the sale of XRP, which the regulator said was a security until a US judge ruled it was not in July last year.

If the SEC does appeal the ruling over XRP sales, then it would be interesting to see how the regulator handles the application for the XRP ETF.

Ripple has been battling the SEC in a legal dispute that began in December 2020. In August 2024, Judge Analisa Torres ordered Ripple Labs to pay a $125 million civil penalty in settlement with the securities agency.

XRP price reacted positively to the news of the Bitwise XRP ETF filing, rising to intraday highs of $0.7. However, the coin has since pared most of the gains and was trading at around $0.58 at the last check.