Bitwise Takes the Lead in the XRP ETF Race

Bitwise's recent filing indicates their strong belief in XRP's potential as an investment vehicle.

Delaware’s Division of Corporations received an application from Bitwise on Sept. 30 for a spot XRP exchange-traded fund (ETF), with CSC Delaware Trust Company designated as the registered agent.

This development follows the recent conclusion of the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), in which the judge levied a fine against Ripple for conducting illegal XRP sales to institutional investors.

Bitwise is taking the lead in the race for an XRP ETF.

Bitwise’s recent filing is a strong indication of their belief in XRP’s potential as an investment vehicle. Matthew Hougan, Chief Investment Officer, confirmed the registration and mentioned that more details would be shared soon.

Despite the filing, XRP’s price has shown no immediate reaction. However, previous ETF-related announcements for Bitcoin and Ethereum have seen price surges follow speculation about ETF approvals.

Other firms, including Grayscale, are reportedly exploring XRP-based products, suggesting that Bitwise might not be the only player in this space. However, the SEC’s decision will likely be a key factor in shaping the future of XRP investment products.

Industry analyst Nate Geraci pointed out Bitwise’s highly strategic nature. He said that Bitwise filing for an XRP ETF is strategic and might be in line with upcoming changes in regulations, such as the November elections, which may affect ETF approval.

Ripple Settlement May Pave the Way for XRP ETFs

The settlement between Ripple and the SEC has raised hopes for XRP ETF approval. Earlier this year, the SEC approved Bitcoin and Ethereum ETFs from companies like BlackRock and Grayscale.

Ripple CEO Brad Garlinghouse recently called an XRP ETF “inevitable,” predicting approval by 2025. However, the SEC could still appeal the Ripple verdict, potentially delaying any ETF approval.

Bitwise’s filing reflects the growing belief that XRP ETFs are on the horizon, but the regulatory path remains uncertain.

If approved, the Bitwise Spot XRP ETF could mark a new chapter in XRP’s institutional adoption. As we await further developments, the crypto community is keeping a close eye on the SEC’s next move.

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