Based on trending reports, the XRP exchange-traded fund (ETF) is about to be introduced in the United States, with reports suggesting that Bitwise, a prominent crypto index fund manager, may have taken the first step.
According to a social media post by Fox Business journalist Eleanor Terrett, Bitwise has filed for an XRP ETF in Delaware. There are multiple reports from mainstream media confirming this notable development.
SCOOP: Crypto asset manager @BitwiseInvest has filed in the state of Delaware for an $XRP ETF.
More details to come. Stay tuned. pic.twitter.com/2q7zDj7aYm
— Eleanor Terrett (@EleanorTerrett) October 1, 2024
Although the report was initially treated as a speculation, the possibility of an XRP ETF is not entirely out of the question. Ripple’s CEO, Brad Garlinghouse, has previously expressed confidence that the launch of such a product is inevitable.
The demand for ETFs tied to popular cryptocurrencies is growing, although major financial institutions like BlackRock have avoided XRP-related products. That said, some crypto-native companies, such as Bitwise, have shown interest in offering more specialized and niche ETFs, and an XRP ETF could fit within this framework.
One factor contributing to the increased conversation around an XRP ETF is Grayscale’s recent relaunch of its XRP trust. Grayscale Investments, the largest digital asset manager, has demonstrated a commitment to offering investment products centered on various cryptocurrencies.
Some analysts believe that Grayscale’s move could pave the way for the eventual development of an XRP ETF, signaling that the market is warming up to the idea.
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Matt Hougan, CEO of Bitwise, has previously explained that regulatory hurdles stand in the way, particularly due to the lack of a regulated futures market for the asset.
During an interview on the “Thinking Crypto” podcast, Hougan noted that obtaining the U.S. Securities and Exchange Commission’s (SEC) approval for a commodity ETF without an established futures market is nearly impossible.
Hougan pointed out that no commodity exchange-traded product (ETP) has ever been approved without such a market, further illustrating the complexities surrounding the approval of an XRP ETF.
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