Bitwise submitted an S-1 registration Wednesday to the U.S. Securities and Exchange Commission, taking the first step toward rolling out an exchange-traded fund tied to XRP (XRP-USD), the cryptocurrency associated with Ripple.
An S-1 form is required for companies seeking to debut a new security on a public exchange. But that's only the first step; firms must also submit a 19b-4 filing.
The move comes after more than a decade in which "XRP has been an enduring crypto asset that many investors want exposure to," Bitwise CEO Hunter Horsley wrote in a post on X.
A day before filing the S-1 form, Bitwise registered a trust entity called XRP ETF with the state of Delaware, CoinDesk had reported.
Earlier this year, Bitwise launched ETFs that invest directly in bitcoin (BTC-USD) and ether (ETH-USD), including the Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW).
Grayscale Investments, a fellow crypto asset manager, launched last month a closed-end fund that solely invests in XRP (XRP-USD), giving ccredited investors the opportunity to gain exposure to the token underpinning the XRP Ledger.
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