Bitwise has officially submitted its first Form S-1 for a spot XRP exchange-traded fund (ETF) with the U.S. SEC. Pending SEC approval, this ETF will allow investors to gain exposure to the value of XRP directly held by the trust, after accounting for operational expenses and other liabilities. In a press release on October 2, Bitwise CEO Hunter Horsley expressed the company's belief that blockchains will introduce new, apolitical monetary assets and permissionless applications for the future.

Horsley highlighted that Bitwise has been dedicated to helping investors navigate this space for the past seven years, and he is excited to continue this mission with the XRP ETF filing. The trust's XRP will be stored with Coinbase Custody Trust Company, following the same model as Bitwise's other crypto ETFs. It’s worth noting that the custodian is not FDIC insured but does carry insurance from private carriers.

The filing also explains that shares of the Bitwise XRP ETF will be created and redeemed either through cash or potentially in-kind, depending on regulatory approvals. Shortly before this, Bitwise had filed for an XRP ETF Trust in Delaware, indicating that a formal SEC filing was forthcoming.

Prior to this XRP ETF filing, Bitwise was among the first to launch a spot Bitcoin ETF in January and also started trading spot Ether ETFs in July. While other issuers like VanEck have submitted applications for a spot Solana ETF, Bitwise has not done so as of now. This move underscores the growing interest in cryptocurrency ETFs and the evolving regulatory landscape.

Bitwise has taken a major step by submitting a filing for the first spot XRP exchange-traded fund (ETF) with the U.S. SEC. If granted approval, this ETF will enable investors to gain exposure to XRP directly held by the trust, excluding operational costs and other liabilities. Bitwise CEO Hunter Horsley highlighted the company's conviction in the transformative potential of blockchains for new monetary assets and applications.

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