Bitwise Seeks SEC Approval for XRP ETF, Ripple CEO Garlinghouse Calls It ‘Just the Beginning’

• Bitwise seeks SEC approval for an XRP ETF, aiming to expand investor access to the digital asset market.
• Ripple’s CEO sees this filing as the beginning of XRP’s deeper integration into traditional finance.

Following a recent prediction by Bitwise CIO regarding explosive growth for Bitcoin ETFs in 2025, as reported by CNF, Bitwise Asset Management has taken a significant step toward expanding its crypto offerings by filing an S-1 form with the U.S. Securities and Exchange Commission (SEC) for an XRP Exchange-Traded Product (ETP).

According to the announcement shared via a tweet on Wednesday, the fund aims to provide investors with an alternative route for investing in XRP, the native token of the XRP Ledger (XRPL). The statement reads:

We believe blockchains will usher in new apolitical monetary assets and permissionless applications for the 21st century. We aim to help investors access the opportunities in the space, and are excited to continue that work with our filing for a Bitwise XRP ETP.

Today we filed an initial registration statement on Form S-1 for a new Bitwise XRP ETP.

“We believe blockchains will usher in new apolitical monetary assets and permissionless applications for the 21st century,” said Bitwise CEO Hunter Horsley. “We aim to help investors access…

— Bitwise (@BitwiseInvest) October 2, 2024

Official Filing and Market Expansion

The filing confirms Bitwise’s intention to add XRP to its portfolio, complementing its existing Bitcoin and Ethereum ETFs. This development follows an earlier indication on the Delaware Division of Corporation’s website, where the application was first spotted. Though reports suggested Bitwise had initially hinted at the filing through a spokesperson, the official application to the SEC solidifies the company’s push toward XRP.

Notably, Bitwise has not yet finalized where the XRP ETF will trade or determined the fund’s ticker. However, the asset manager can update its application as the approval process unfolds with the SEC.

Reactions from Industry Leaders

Hunter Horsley, Bitwise’s CEO, shared his vision for the future, stating that blockchain technology would introduce new, decentralized financial assets and permissionless applications that will reshape the financial landscape. He underscored the significance of the XRP ETF as a key part of Bitwise’s mission to offer broader investment opportunities in the digital asset space.

Ripple’s CEO, Brad Garlinghouse, echoed these sentiments, viewing the filing as a sign of growing institutional trust in digital assets like XRP. He emphasized that this ETF application is just the start of XRP’s integration into the traditional financial ecosystem.

Grayscale’s recent launch of its XRP Trust has also fueled optimism around XRP’s growing adoption. Some speculate that the SEC could approve an XRP ETF before considering similar products, such as a Solana-based ETF. As of today, according to CoinMarketCap, Ripple (XRP) is trading at $0.5106, with a decrease of 15.11% in the past day and 13.00% in the past week.