Bitwise 向美国 SEC 提交更新的 S-1 注册文件，以推进其 Ripple (XRP) ETF 申请流程

加密货币投资公司 Bitwise 已向美国证券交易委员会 (SEC) 提交了更新的 S-1 注册文件

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.

加密货币投资公司 Bitwise 已向美国证券交易委员会 (SEC) 提交了更新的 S-1 注册文件，以进一步推进其 Ripple (XRP) ETF 申请流程。此次更新涉及信托结构、托管安排以及股份创建和赎回机制。

“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.”

文件中写道：“决定购买或出售信托股票 [Bitwise XRP ETF] 的投资者将通过经纪人下达交易订单，并可能产生惯例经纪佣金和费用。” “在本次发行之前，股票没有公开市场。投资该信托涉及与直接投资 XRP 类似的风险以及其他重大风险。”

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.

文件称，XRP 托管协议确保信托资产与托管人的其他资产分开，从而增强了与 XRP 相关的私钥的安全性。

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.

文件称，Bitwise 将使用冷存储来保存信托资产，并仅在热钱包中保留少量资产，以满足日常运营需求。为了提高交易效率，Bitwise 任命了一位首席执行官代理，跨多个交易平台进行 XRP 交易，包括 Bitstamp、Kraken、Coinbase 和 LMAX。首席执行官代理还将以贸易信贷的形式提供短期融资，以便及时执行订单，即使信托资金或 XRP 没有立即出现。

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.

文件称，Bitwise 将创建和赎回 10,000 个单位的股票，这些股票被称为篮子，并补充说，篮子金额（或每篮子所需的 XRP）将在考虑应计费用和支出后每天重新计算。

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.

该文件是在 10 月 2 日提交初始 S-1 表格后提交的，当时 Bitwise 首次尝试将 XRP ETF 引入美国市场。在第二份文件中，Bitwise 解决了有关 XRP 的监管不确定性，因为 SEC 对 Ripple 裁决的上诉仍悬而未决，并且可能会阻碍 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 规定，如果 XRP 被归类为证券，它将根据“信托协议”的条款清算其持有的资产。在文件中，Bitwise 还概述了旨在保护投资者并确保遵守联邦证券法的措施。

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.

最后，Bitwise 确认，隶属于 Prime 执行代理和 XRP 托管机构的 Coinbase Global 持有高达 3.2 亿美元的商业犯罪保险单，涵盖一系列风险，包括盗窃、欺诈和网络攻击，是不够的。

“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 维护的保险由 Coinbase 的所有客户共享，并非特定于信托或通过 XRP 托管人或 Prime 执行代理持有 XRP 的客户，并且可能无法或不足以保护信托免受所有可能的损失或损失来源，”该文件总结道。