Bitwise applies for XRP ETF in Delaware

Bitwise has filed an application in Delaware for a potential XRP exchange-traded fund (ETF). This move could signal the arrival of another major cryptocurrency ETF, although a formal registration with the U.S. Securities and Exchange Commission (SEC) has not yet been made. Bitwise confirmed the filing but declined to comment further on the fund while it remains in its preliminary stages.

• The Bitwise XRP ETF was incorporated on Sept. 30, 2024, in Delaware.
• XRP is the seventh-largest cryptocurrency by market cap, created by Ripple to speed up cross-border payments.
• The SEC has had a longstanding legal battle with Ripple over XRP’s classification as a security.

This development follows earlier approvals of Bitcoin and Ethereum ETFs, which have brought significant inflows of capital into the crypto space. With institutional interest growing in regulated investment vehicles like ETFs, an XRP ETF could potentially enhance liquidity and increase token adoption. However, XRP’s journey has been tumultuous, with Ripple embroiled in legal disputes with the SEC since 2020. The company secured a partial victory in 2023 when a judge ruled that public sales of XRP are not securities, although institutional sales may still be considered unregistered securities.

A potential XRP ETF has been long anticipated, with CEO Brad Garlinghouse describing it as “inevitable.” Whether this filing brings XRP closer to ETF approval by the SEC remains uncertain, as legal proceedings continue.