The first XRP ETF filing is now with the US Securities and Exchange Commission
Bitwise submitted a Form S-1 filing for approval to launch an XRP ETF on October 2, 2024.
Bitwise has filed an initial registration statement for the launch of the first spot 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.
XRP is the cryptocurrency by Ripple. Currently, it’s the seveth-largest crypto asset by market cap with over $32 billion.
First XRP ETF
Bitwise, one of the ETF issuers 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.
Brad Garlinghouse, CEO of Ripple, commented on the development 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. https://t.co/s1pHpIEqth
— Brad Garlinghouse (@bgarlinghouse) October 2, 2024
The announcement that Bitwise seeks SEC’s approval for an XRP ETF followed 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.”
Will SEC appeal XRP ruling?
Bitwise’s 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 SEC appeals the ruling over XRP sales, then it would be interesting to see how the regulator handles the application for the XRP ETF.
Ripple has battled the SEC in a legal tussle 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 rose sharply following this news. However, the coin has pared most of the gains and traded around $0.58 at the time of writing.
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