Bitwise files registration for a spot XRP ETF

Quick Take

  • A spot XRP ETF has not been approved by the U.S. Securities and Exchange Commission before and if it does, would likely face challenges.
  • Meanwhile, Grayscale has said it has plans to launch an XRP “closed-end” fund for accredited investors. 

Crypto index fund manager Bitwise has filed for a spot exchange-traded fund that would give investors exposure to the token XRP.

"We can confirm this is a registration by us," Bitwise Chief Investment Officer Matthew Hougan told The Block Tuesday. "It is a registration of a trust entity in Delaware. We can share more details and comments tomorrow."

A filing for an entity named Bitwise XRP ETF was submitted to Delaware's Department of State's Division of Corporations on Monday, with CSC Delaware Trust Company listed as the registered agent. 

A spot XRP ETF has not been approved by the U.S. Securities and Exchange Commission before, and if it does, it would likely face challenges. The SEC has been embroiled in a legal fight with Ripple after the agency accused the company of raising $1.3 billion through the sale of XRP, which it views as an unregistered security.

Some crypto ETFs began trading this year after getting the agency's go-ahead. The SEC approved several spot Bitcoin ETFs in January, including from firms such as BlackRock, Grayscale, and Fidelity. Later, the agency approved eight Ethereum ETFs. 

Meanwhile, Grayscale said it has plans to launch an XRP "closed-end" fund for accredited investors. 

ETP v ETF

The SEC often uses the term exchange-traded products, or ETPs, when discussing these products. 

An SEC official last month noted that the term exchange-traded fund is "misused." 

"When we're talking about spot bitcoin ETPs, they're exchange-traded products," said Natasha Vij Greiner, director of the SEC's Division of Investment Management, during Georgetown University's Financial Markets Quality Conference on Sept. 17.

"They're actually not under the '40 Act [Investment Company Act of 1940], they're not a 40 act product, and so there are not the same protections and some of the same considerations related to custody that we're grappling with," Greiner added. 


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Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.
Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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