Yahya 
Officially registered with the United States Securities and Exchange Commission (SEC), Bitwise, a cryptocurrency asset management, is seeking the first spot XRP exchange-traded fund. The proposed ETF would expose XRP, therefore enabling investors to profit from its value less the running costs of the trust.
In an Oct. 2 news release, bitwise CEO Hunter Horsley said, “At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century.” Horsley also mentioned that the XRP ETF registration fits Bitwise’s long-term dedication to let investors into the digital asset market.
Like other Bitwise ETFs, the XRP kept by the trust will be housed by Coinbase Custody Trust Company. Bitwise pointed out, whereas private insurance companies offer coverage, the custodian is not guaranteed by the Federal Deposit Insurance Corporation (FDIC).
Using a cash-create approach, the trust generates and redeems shares using the filed data. Should the required regulatory approvals be acquired, Bitwise will notify shareholders regarding the possibility for in-kind creations and redemptions.
Following Bitwise’s successful launching of spot Bitcoin and Ether ETFs earlier this year, this action follows filing for an XRP ETF Trust in Delaware on Sept. 30. Other companies like VanEck have applied for a Solana ETF, but Bitwise has not as yet.
Presuming it could be a planned reaction to the approaching November elections, ETF Store president Nate Geraci termed the filing “very noteworthy.” He underlined that Bitwise does not move lightly, therefore indicating the possible significance of this submission.
Late September saw the addition of an XRP ETF in Delaware by parallel crypto investing company Canary Capital as well. As the last legal obstacles are removed, Ripple announced its in-principle license clearance from Dubai Financial Service Authority, therefore enabling it to provide cross-border payments in the UAE.
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