Bitwise 向美國 SEC 提交更新的 S-1 註冊文件，以推進其 Ripple (XRP) ETF 申請流程

加密貨幣投資公司 Bitwise 已向美國證券交易委員會 (SEC) 提交了更新的 S-1 註冊文件

Cryptocurrency investment firm Bitwise has filed an updated S-1 registration document with the U.S. Securities and Exchange Commission (SEC) to further its Ripple (XRP) ETF application process. The update pertains to the trust structure, custody arrangements, and share creation and redemption mechanisms.

加密貨幣投資公司 Bitwise 已向美國證券交易委員會 (SEC) 提交了更新的 S-1 註冊文件，以進一步推進其 Ripple (XRP) ETF 申請流程。此次更新涉及信託結構、託管安排以及股份創建和贖回機制。

“Investors who decide to buy or sell Shares of the Trust [Bitwise XRP ETF] will place their trade orders through their brokers and may incur customary brokerage commissions and charges,” the filing reads. “Prior to this offering, there has been no public market for the Shares. Investing in the Trust involves risks similar to those involved with an investment directly in XRP and other significant risks.”

文件中寫道：“決定購買或出售信託股票 [Bitwise XRP ETF] 的投資者將透過經紀人下達交易訂單，並可能產生慣例經紀佣金和費用。” 「在本次發行之前，股票沒有公開市場。投資該信託涉及與直接投資 XRP 類似的風險以及其他重大風險。

The XRP Custody Agreement ensures that the Trust’s assets remain separate from the custodian’s other holdings, the filing states, adding to the security of the private keys associated with the XRP.

文件稱，XRP 託管協議確保信託資產與託管人的其他資產分開，從而增強了與 XRP 相關的私鑰的安全性。

Bitwise will use cold storage to hold the trust’s assets and will keep only a small amount of assets in hot wallets to meet daily operational needs, according to the filing. To enhance trading efficiency, Bitwise has appointed a chief executive agent to conduct XRP transactions across multiple trading platforms, including Bitstamp, Kraken, Coinbase, and LMAX. The chief executive agent will also provide short-term financing in the form of Trade Credits for a timely order execution even when the Trust’s funds or XRP are not immediately present.

文件稱，Bitwise 將使用冷儲存來保存信託資產，並僅在熱錢包中保留少量資產，以滿足日常營運需求。為了提高交易效率，Bitwise 任命了一位執行長代理，跨多個交易平台進行 XRP 交易，包括 Bitstamp、Kraken、Coinbase 和 LMAX。執行長代理還將以貿易信貸的形式提供短期融資，以便及時執行訂單，即使信託資金或 XRP 沒有立即出現。

Bitwise will create and redeem shares in blocks of 10,000 units, which are referred to as Baskets, the filing states, adding that the Basket Amount (or the required XRP per Basket) will be recalculated daily after considering accrued fees and expenses.

文件稱，Bitwise 將創建和贖回10,000 個單位的股票，這些股票被稱為籃子，並補充說，籃子金額（或每籃子所需的XRP）將在考慮應計費用和支出後每天重新計算。

The filing follows an initial S-1 form on Oct. 2, where Bitwise first attempted to introduce an XRP ETF into the United States market. In the second filing, Bitwise has addressed the regulatory uncertainties concerning XRP, as the SEC appeal over the Ripple ruling is still pending and could hinder the launch of the Bitwise XRP ETF.

該文件是在 10 月 2 日提交初始 S-1 表格後提交的，當時 Bitwise 首次嘗試將 XRP ETF 引入美國市場。在第二份文件中，Bitwise 解決了有關 XRP 的監管不確定性，因為 SEC 對 Ripple 裁決的上訴仍懸而未決，並可能阻礙 Bitwise XRP ETF 的推出。

As a result, Bitwise has stipulated that if XRP is classified as a security, it would liquidate its holdings under the terms of the ‘Trust Agreement.’ In the filing, Bitwise has also outlined measures that are designed to protect investors and ensure compliance with federal securities laws.

因此，Bitwise 規定，如果 XRP 被歸類為證券，它將根據「信託協議」的條款清算其持有的資產。在文件中，Bitwise 還概述了旨在保護投資者並確保遵守聯邦證券法的措施。

Finally, Bitwise has confirmed that Coinbase Global, which is affiliated with both the Prime Execution Agent and the XRP Custodian, maintains a commercial crime insurance policy of up to $320 million, covering a range of risks, including theft, fraud, and cyberattacks, which is insufficient.

最後，Bitwise 確認，隸屬於 Prime 執行代理和 XRP 託管機構的 Coinbase Global 持有高達 3.2 億美元的商業犯罪保險單，涵蓋一系列風險，包括盜竊、詐欺和網路攻擊，是不夠的。

“The insurance maintained by Coinbase Global is shared among all of Coinbase’s customers, is not specific to the Trust or to customers holding XRP with the XRP Custodian or Prime Execution Agent, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses,” the filing concludes.

「Coinbase Global 維護的保險由 Coinbase 的所有客戶共享，並非特定於信託或透過 XRP 託管人或 Prime 執行代理持有 XRP 的客戶，並且可能無法或不足以保護信託免受所有可能的損失或損失來源， 」該文件總結道。