Asset Management Firm Bitwise Files for a Spot XRP Exchange-Traded Fund (ETF)

While this does not confirm an immediate filing with the U.S. Securities and Exchange Commission (SEC), it aligns with Ripple CEO Brad Garlinghouse's positive outlook on the future of XRP ETFs.

Asset management firm Bitwise has filed for a spot XRP exchange-traded fund (ETF) with the Delaware Division of Corporations, according to a filing on Monday.

The filing, which was also confirmed by a Bitwise spokesperson, shows that an entity called Bitwise XRP ETF was registered with the Delaware Division of Corporations on Monday. The filing also states that CSC Delaware Trust Company will serve as the registered agent.

The move by Bitwise comes as part of the early stages of the process to potentially list and trade ETF shares that are tied to XRP. However, the filing does not indicate an immediate submission to the U.S. Securities and Exchange Commission (SEC).

Currently, no spot XRP ETF has been authorized by the SEC, and any forthcoming filing could face hurdles. Bitwise's application comes against the backdrop of Ripple Labs' ongoing legal challenges with the SEC over the classification of XRP. The SEC has until Oct. 7 to appeal a ruling by District Judge Analisa Torres on whether XRP's programmatic sales should be deemed a security.

Moreover, rumors regarding an XRP ETF have been circulating for some time, although past claims have turned out to be fabrications intended to manipulate XRP's price. For instance, in November, rumors surfaced regarding a Blackrock XRP ETF filing, which were ultimately debunked by the company.

The Bitwise XRP ETF filing follows statements by Ripple CEO Brad Garlinghouse, who asserted that an XRP ETF was “inevitable,” particularly after the approval of bitcoin and ethereum ETFs in the U.S. Garlinghouse expressed optimism that the SEC would approve an XRP ETF next year.

If approved by the SEC, a spot XRP ETF could provide institutional investors with a regulated entry point into the XRP market, thereby boosting the token's liquidity and appeal. Earlier this year, the SEC approved several spot bitcoin ETFs, followed by ethereum ETFs.

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