Ripple CEO Expects More Filings Amid Bitwise XRP ETF Filing

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As a researcher with years of experience delving into the world of cryptocurrencies, I find Brad Garlinghouse’s prediction about more asset managers filing for XRP ETFs intriguing and plausible. Having closely followed the evolution of Bitcoin and Ethereum ETFs, I can see the parallels he draws between their approval and the potential approval of an XRP ETF.

Brad Garlinghouse, CEO of Ripple, anticipates that additional asset managers might apply to launch an Exchange Traded Fund (ETF) focused on XRP, similar to Bitwise’s recent S-1 filing for its Bitwise XRP ETF. This move, according to Garlinghouse, could significantly boost the adoption of XRP within traditional financial systems (TradFi).

Ripple CEO Expects More XRP ETFs Filings Following Bitwise Application

Brad Garlinghouse stated in an X post that this is just the beginning following Bitwise’s filing of the S-1 form for its Bitwise XRP ETF. Therefore, the Ripple CEO expects that more asset managers could file to offer an XRP ETF like Bitwise.

Garlinghouse additionally expressed his belief that the approval for an XRP application was imminent, as both Spot Bitcoin and Ethereum ETFs had been granted earlier in the year. In May of this year, he confidently stated that an XRP ETF was unavoidable and would eventually come to pass. The CEO of Ripple also held a strong conviction that this would happen due to Analisa Torres’ previous declaration that XRP is not a security in itself.

Simultaneously, the CEO of Ripple pointed out that Bitwise’s action signifies the increasing confidence and assimilation of digital assets such as XRP within traditional finance (TradFi). Furthermore, he noted that this is a testament to the ongoing adoption and maturity of the cryptocurrency market.

Despite Grayscale not including XRP in its top 20 crypto selections for Q4, it’s possible that they could be one of the next financial managers to submit an application for an XRP Exchange-Traded Fund (ETF). It’s noteworthy that Grayscale has recently established the Grayscale XRP Trust. Given this, they might find it straightforward to approach the Securities and Exchange Commission (SEC) to transform this trust into an ETF.

Bitwise Files S-1 Form For XRP

In a public announcement, Bitwise announced that they have submitted the necessary paperwork, specifically an S-1 form, to the Securities and Exchange Commission (SEC) for their proposed XRP ETF. Once approved, this fund will enable institutional investors to invest directly in XRP, offering them exposure to the cryptocurrency token. The launch of the Bitwise XRP ETF is contingent upon the SEC’s acknowledgement of the filing and subsequent approval of the form 19b-4 for the fund.

Speaking on this development, Bitwise CEO Hunter Horsley said,

At Bitwise, we’re convinced that blockchain technology will introduce unbiased digital currencies and application platforms open to everyone for the 21st century.

He added,

For the last seven years, we’ve been providing investors with access to investment opportunities within the space, and we’re thrilled to carry on this mission by submitting a filing for a Bitwise XRP Exchange-Traded Product (ETP).

The Bitwise S-1 filing’s importance extends to Ripple’s CEO and his company, as it underscores that institutional investors are acknowledging XRP‘s classification as a commodity rather than a security. Yet, the fate of the Bitwise XRP ETF and other upcoming ones relies on whether the SEC maintains this perspective. Notably, the Commission turned down the 19b-4 filings for Spot Solana ETFs in August due to lingering questions about SOL‘s legal standing.

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2024-10-02 17:34