Bitwise Files for First-Ever Spot XRP ETF with the SEC, Sparking Market Excitement

SEC Commissioner Hester Peirce says XRP Spot ETF may not need a futures market. XRP ETF's holdings will be secured by Coinbase Custody, with private insurance protection.

Cryptocurrency asset management firm Bitwise has taken a pivotal step by filing for the first-ever Spot XRP Exchange Traded Fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

The trust, registered in Delaware, will offer direct exposure to XRP’s value, which will be reflected in the coin’s price minus operational costs. This marks a significant move for the crypto space, but it raises an important question: is an XRP futures market necessary?

This development is already making waves in Ripple news.

Bitwise Files for First Spot XRP ETF

As one of the largest crypto asset managers, Bitwise has been behind several crypto ETFs and is now leading the charge for an XRP Spot ETF.

In its filing, Bitwise highlighted that XRP holdings for the trust will be secured by Coinbase Custody Trust Company.

Today we filed an S-1 for a Bitwise XRP ETP!

For more than a decade, XRP has been an enduring crypto asset that many investors want exposure to.

Over the past 6 years we’ve worked to pioneer investment vehicles that provide access to the emerging opportunities in the space.

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