Bitwise has filed for a Ripple (XRP) spot ETF in Delaware. A Bitwise representative confirmed the filing.
The XRP ETF is one of several ETF-related initiatives Bitwise has recently launched.
Solana is also difficult… Why Bitwise applied for a Ripple ETF
Bitwise Asset Management filed for the Bitwise XRP ETF in Delaware. According to the application, which is publicly available on the Delaware Secretary of State website, Bitwise filed for the ETF on September 30. The registered agent for the application was CSC Delaware Trust Company, which provides compliance services for legal and corporate activities.
“It’s very notable that Bitwise is filing for an XRP ETF. They’re a trusted cryptocurrency fund company, not throwing something at the wall. That’s not in their DNA. It’s strategic,” said Nate Geraci, president of the ETF Store.
Read more: XRP ETF Explained: What It Is and How It Works
The agent’s website claims that Delaware is a preferred location for various corporate applications due to its business-friendly taxes and regulations. In fact,BlackRock filed an Ethereum ETF in Delaware less than a year ago. This position suggests that Bitwise is making a serious effort despite the difficulty of obtaining regulatory approval .
An anonymous Bitwise spokesperson has already confirmed that the application is genuine. It’s hard to predict what the SEC’s response will be, but it’s certainly a surprising development.
An XRP ETF has its supporters, but it is not generally seen as the cryptocurrency most likely to become the third ETF in the United States.
Read more: How to Buy XRP and Everything You Need to Know
Still, such bold moves are characteristic of Bitwise: Chief Investment Officer Matt Hogan publicly spoke positively about new ETF approvals just two weeks ago, and Bitwise acquired a European crypto ETP issuer in August.
This new project fits the bill perfectly, with Ripple executives also optimistic that the SEC will eventually give the green light to an XRP ETF.
“I think it’s just a matter of time before there’s going to be an XRP ETF, a Solana ETF, a Cardano ETF. And that’s great,” Ripple CEO Brad Garlinghousesaid .
