$4,500,000,000 Crypto Firm Bitwise Files for First XRP-Based ETF With SEC: Report

A prominent player in the crypto investment space is filing for a new digital asset exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

According to a Fox Business Report, Bitwise Asset Management, the largest crypto index fund manager in the US, has filed to launch a spot ETF for XRP, the native token of the XRP Ledger.

On Wednesday morning, Bitwise, which manages $4.5 billion in assets, submitted an S-1 registration statement to the SEC for a spot XRP ETF tracking the price movements of XRP, according to the report.

Bitwise has already successfully launched ETFs in the United States for Bitcoin (BTC) and Ethereum (ETH).

While major crypto firms like VanEck and 21Shares have submitted similar applications for a spot Solana (SOL) ETF, Bitwise CEO Hunter Horsley explains why his firm chose to go a different route.

“XRP is one of the most enduring, well-known assets in the space and is also recognized among mainstream investors.

At Bitwise we’ve always aimed to help investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP (exchange-traded product).”

The SEC has yet to respond to the filing or issue a statement on the possibility of an XRP ETF.

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Featured Image: Shutterstock/Eduard Muzhevskyi