Crypto asset manager Bitwise has officially filed for an XRP exchange-traded fund (ETF) in Delaware.
It marks a major step in the push toward institutional-level investment in Ripple’s native cryptocurrency.
Bitwise CIO Says Filing is Genuine
Fox Business reporter Eleanor Terrett took to X on October 1 to break the news that Bitwise had registered an XRP ETF trust entity in Delaware, sparking anticipation of a regulated ETF tied to the token.
Shortly after, she published an update indicating that Bitwise CIO Matt Hougan had validated her scoop, confirming that the filing was genuine. Hougan was further quoted by news sources as saying, “We can confirm that this is both legitimate and from Bitwise.”
Eric Balchunas, an ETF analyst at Bloomberg, also emphasized that this filing is genuine, unlike previous attempts to manipulate the market.
The registration, visible on Delaware’s Division of Corporations website, does not yet mean that Bitwise has submitted the ETF proposal to the U.S. Securities and Exchange Commission (SEC).
The process could face significant regulatory hurdles before reaching approval. The agency has not approved any spot XRP ETFs to date, and it’s unclear when such a filing would take place.
Furthermore, the regulator is still embroiled in a high-profile legal battle with Ripple, the company behind XRP, over whether the cryptocurrency should be classified as a security.
Certain quarters feel that this ongoing litigation could affect any potential ETF filings related to XRP. The SEC has until October 7 to appeal last year’s ruling by District Judge Analisa Torres, which favored Ripple in its argument concerning programmatic sales of XRP.
Filing Influenced by Politics?
Industry experts have weighed in on the matter, suggesting that political developments could also play a significant role. Nate Geraci, a prominent voice in the ETF space, noted that Bitwise’s decision is strategic, with a potential long-term goal of full tokenization.
He also hinted that the timing of the filing may be influenced by the upcoming U.S. election, adding that a Trump victory could change the regulatory landscape for XRP and similar tokens.