- The first XRP ETF filing is now with the US Securities and Exchange Commission (SEC)
- Bitwise submitted an S-1 form for approval to launch an XRP ETF on October 2, 2024
Bitwise, a crypto asset management company, has filed an initial registration statement to launch the first spot XRP exchange-traded fund (ETF).
On Wednesday, October 2, Bitwise submitted the S-1 form with the US Securities and Exchange Commission (SEC) for the Bitwise XRP ETF.
XRP is the cryptocurrency by Ripple. Currently, it’s the seventh-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 the SEC’s approval for an XRP ETF follows the filing for an XRP ETF Trust in Delaware on Tuesday, October 2, 2024.
With this official S-1 filing, the Bitwise XRP ETP will now await the SEC’s approval, including for the 19b-4 form.
Commenting on the filing, Hunter Horsley, Bitwise CEO, 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 the SEC appeal XRP ruling?
Bitwise’s S-1 filing comes 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. According to the regulator, XRP was a security until a US judge ruled it was not in July last year.
Yesterday, the SEC filed a notice of appeal in its case against Ripple, two months after Judge Analisa Torres’ ruling decision. Ripple has battled the SEC in a legal tussle that began in December 2020. In August 2024, Torres ordered Ripple Labs to pay a $125 million civil penalty in settlement with the securities agency.
With the notice of appeal and the ongoing battle between Ripple and the SEC, it remains to be seen how the regulator handles the application for the XRP ETF.
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.