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Bitwise has officially filed for an XRP exchange-traded fund in Delaware, raising excitement in the cryptocurrency market. Though the filing doesn’t confirm an SEC submission, many speculate it could lead to more institutional access to XRP investments.
A request to establish a Bitwise XRP ETF has been posted on the Division of Corporations website in the State of Delaware. After consulting with a Bitwise representative, Cointelegraph was able to verify the filing on its own.
Bitwise Files XRP ETF Request in Delaware
The Bitwise XRP ETF was established on September 30, 2024, as stated in the filing. The CSC Delaware Trust Company, with headquarters in Wilmington, Delaware, was named as the registered agent.
Just because something has been filed in Delaware doesn't guarantee an SEC registration application is about to be filed. This might be a preliminary stage of planning, and it could be months before any official filing with the SEC is even considered.
Ripple CEO Predicts XRP ETF as "Inevitable"
Just a few months after Ripple's CEO, Brad Garlinghouse, made a hint about the forthcoming financial product, he described an XRP exchange-traded fund as inevitable after the introduction of Bitcoin and Ether exchange-traded funds in the United States. The application comes just a few months after their statement.
Institutional investors may get exposure to cryptocurrencies through a regulated investment vehicle if an XRP ETF were to be approved, according to Cointelegraph. This might increase liquidity and token adoption.
XRP ETF Could Bring Institutional Adoption
There have been whispers regarding the creation of an XRP ETF for the past few months. A phony application for a "BlackRock iShares XRP Trust" in Delaware in November 2023 caused XRP price speculation on a possible XRP ETF, leading to a 12% jump in XRP price.
False Filing Sparks Investigation in Delaware
The application was ultimately rejected by BlackRock, and the false submission is currently being investigated by the Department of Prosecution in Delaware.
