WisdomTree registers XRP ETF entity in Delaware: report

WisdomTree, an issuer of exchange-traded funds with $113 billion under management, registered an XRP ETF entity in Delaware, according to a post on X.

The move signals that the fund manager will likely file an S-1 registration for an XRP exchange-traded fund with the U.S. Securities and Exchange Commission. Both Bitwise and Canary Capital have filed a request with the SEC to launch spot XRP ETFs.

WisdomTree is one of several Wall Street firms that have launched a spot bitcoin ETF. The fund manager's BTC ETF has about $367 million in assets under management, according to The Block Data Dashboard.  In May, WisdomTree also obtained approval to list physically-backed bitcoin and ether exchange-traded products on the London Stock Exchange.

Bitwise's XRP ETF filing asserted that cryptocurrency is not a security, contrary to the SEC's past stance. "XRP is a decentralized digital asset and ownership of it is reflected on a decentralized ledger," Bitwise said at the time. "XRP is not a security, and is thus not subject to the protections of the U.S. federal securities laws."

Last week, XRP jumped to its highest price since May 2021 amid the extended crypto market rally and the announcement of SEC Commission Chair Gary Gensler’s departure. Donald Trump, who will again become the U.S. president in January, is expected to appoint a new chair who will be increasingly open to approving crypto-related financial instruments.