Bitwise Submits XRP ETF Application in Delaware

Bitwise Files for XRP ETF: A Step Towards Institutional Adoption

Recently, Cointelegraph reported that Bitwise has submitted an application for an XRP exchange-traded fund (ETF). This filing is now officially recorded on the State of Delaware’s Division of Corporations website, reflecting increasing institutional interest in cryptocurrency assets.

Details of the Bitwise XRP ETF Filing

According to the reports, the Bitwise XRP ETF was officially incorporated on September 30, 2024. The registered agent responsible for the ETF is CSC Delaware Trust Company, located in Wilmington, Delaware. This move signals a significant step towards structuring XRP as a regulated investment vehicle.

The Ripple Effect: Insights from Ripple’s CEO

Ripple’s CEO, Brad Garlinghouse, has previously pointed out that an XRP ETF might be “inevitable,” especially following the successful launch of Bitcoin and Ether ETFs in the United States. His comments resonate strongly within the cryptocurrency community as they underscore the potential for broader adoption of digital assets among institutional investors.

Market Reaction and Speculation

The mere speculation surrounding an XRP ETF is likely driving market movements. For instance, in November 2023, XRP's price experienced a remarkable 12% increase due to unfounded rumors regarding a fake filing for a “BlackRock iShares XRP Trust” in Delaware. Although BlackRock has denied any such filing, the incident highlights the sensitivity of the market to ETF-related news.

What This Means for Institutional Investors

The approval and launch of an XRP ETF could facilitate a more regulated path for institutional investors looking to gain exposure to cryptocurrencies. This approval would not only enhance liquidity in the market but could also lead to a significant uptick in adoption rates for XRP among various financial entities.

Ongoing Developments

This situation is evolving, and further updates will emerge as more information becomes available. The current momentum surrounding cryptocurrency ETFs continues to shape the landscape for digital assets in the financial sector.

Institutional investors and cryptocurrency enthusiasts alike will be watching closely for any new developments regarding the Bitwise XRP ETF and the broader implications for the cryptocurrency market.