As a seasoned crypto investor with over a decade of experience navigating the volatile and exciting world of digital assets, I find the recent move by Bitwise to file for an XRP ETF with the SEC highly encouraging. Having witnessed the journey of Bitcoin from obscurity to mainstream acceptance, and seen the rise and fall of countless altcoins, I can confidently say that this is a significant step forward in legitimizing the crypto space.
Bitwise Asset Management Company has made history by submitting the first application for a Bitcoin-like digital currency XRP exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC). This move demonstrates the growing interest from institutional investors in secure cryptocurrency investments.
Epic Bitwise XRP ETF push
Similar to other cryptocurrency ETFs, the proposed Bitwise XRP ETF offers investment opportunities that are tied to the worth of the digital currency (XRP) stored within the trust.
Hunter Horsley, CEO of Bitwise, expressed confidence about the positive outcomes that the XRP ETF initiative could yield. In a document, he expressed his viewpoint that blockchains will introduce unbiased digital currencies and borderless applications suitable for the 21st century.
He also emphasized that for the last seven years, Bitwise has been facilitating investors to tap into the opportunities within this field, and the Bitwise XRP Exchange-Traded Product (ETP) is no different. On September 30th, Bitwise registered an XRP ETF trust in Delaware. The trust has listed CSC Delaware Trust Company as its registered agent, based in Wilmington, Delaware.
Bitwise’s recent decision to register a form with the SEC for a potential Bitcoin ETF could inspire other asset managers to do the same, mirroring Bitwise’s initial steps in the crypto ETF market.
Bitwise in crypto ETF game
Approximately a year ago, Bitwise re-submitted its revised Bitcoin ETF proposal following comments and questions from the regulatory body on an initial submission related to BITB. Within three months, the Securities and Exchange Commission (SEC) gave their approval for trading, along with applications from BlackRock, Fidelity, and Grayscale.
Just as the asset management company submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) in Q1, 2024, intending to launch a spot Ethereum ETF, Bitwise chose to keep the public informed about the progress of this fund. It wasn’t until approximately four months later that the SEC approved the offering for trading.
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2024-10-02 17:36