A prominent crypto investment player is filing for a new digital asset exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
According to a Fox Business Report, Bitwise Asset Management, the largest crypto index fund manager in the US, has filed to launch a spot ETF for XRP, the native token of the XRP Ledger.
On Wednesday morning, Bitwise, which manages $4.5 billion in assets, filed an S-1 registration statement with the SEC for a spot XRP ETF that tracks the price movements of XRP, according to the report.
Bitwise has already successfully launched ETFs for Bitcoin (BTC) and Ethereum (ETH) in the United States.
While major crypto firms like VanEck and 21Shares have filed similar applications for a spot Solana (SOL) ETF, Bitwise CEO Hunter Horsley explains why his company chose to take a different route.
“XRP is one of the most enduring, well-known assets in the space and is also recognized by mainstream investors.
At Bitwise, we have always strived to help investors access the opportunities in the space, and we are excited to continue that work with our application for a Bitwise XRP ETP (exchange-traded product).
The SEC has yet to respond to the filing or make a statement on the possibility of an XRP ETF.
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Featured image: Shutterstock/Eduard Muzhevskyi
