Bitwise registers XRP ETF trust filing in Delaware Bitwise registers XRP ETF trust filing in Delaware
Bitwise filed for a XRP trust on Sept. 30, following Grayscale launching its own trust and Ripple win in court on August.
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Updated: Oct. 1, 2024 at 10:04 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Asset manager Bitwise filed for an XRP exchange-traded fund (ETF) on Sept. 30 with Delaware’s Division of Corporations.
The document consists of a registration for a Delaware statutory trust, a legally recognized trust set up for business.
Bitwise CIO Matt Hougan confirmed the development and told CryptoSlate that more information would be released in the coming days.
The most infamous example is the Grayscale Bitcoin Trust, which was turned into an ETF in January this year. Notably, Grayscale introduced an XRP trust on Sept. 12. The XRP-related movements follow the end of a four-year-long dispute between XRP’s issuer, Ripple Labs, and the US Securities and Exchange Commission (SEC).
Ripple was fined $125 million as a result of the SEC’s partial win in a motion for remedies.
However, District Judge Analisa Torres from the District Court of the Southern District of New York did not consider XRP offerings to retail as selling of unregistered securities.
Despite the positive development, XRP price is still following the broad market movement and sits at $0.6117 at the time of writing, down by 2.6% over the past 24 hours as per CryptoSlate data.
Difficult task ahead
Approving a new crypto-related ETF that isn’t tied to Bitcoin (BTC) or Ethereum (ETH) might be a difficult task.
Nate Geraci, CEO of The ETF Store, stated on Sept. 12 that receiving a green light from the SEC for XRP ETF trading would need political help.
On a similar tone, Bloomberg senior ETF analyst Eric Balchunas claimed that the chance of a Solana ETF being approved in the US is equal to “a snowball’s chance in hell.”
Balchunas’ remarks came after asset managers VanEck and 21Shares filed for Solana ETFs in late July, four days following the first spot Ethereum ETFs started trading in the US.
Furthermore, despite recently reiterating that Bitcoin is a commodity, SEC Chairman Gary Gensler refused to state what tokens can be considered securities in a Sept. 24 Congress hearing. The outcome of the Solana ETFs and the potential XRP ETFs under the SEC’s current leadership is still unclear.
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Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.
