A major player in the crypto investment world is making moves. Bitwise Asset Management has filed for a new digital asset exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
According to a report from Fox Business, Bitwise is the largest crypto index fund manager in the United States. They’re looking to launch a spot ETF for XRP, the native token of the XRP Ledger.
On Wednesday morning, Bitwise submitted an S-1 registration statement to the SEC. This ETF will track the price movements of XRP. Bitwise manages about $4.5 billion in assets.
They’ve already had success with ETFs for Bitcoin (BTC) and Ethereum (ETH) in the U.S.
While firms like VanEck and 21Shares are applying for a spot Solana (SOL) ETF, Bitwise CEO Hunter Horsley shared why they chose a different path.
“XRP is one of the most enduring and well-known assets in the space. It’s recognized by mainstream investors,” Horsley said. “At Bitwise, we’ve always aimed to help investors access opportunities in this space. We’re excited to continue that with our filing for a Bitwise XRP ETP (exchange-traded product).”
As of now, the SEC hasn’t responded to the filing or commented on the potential for an XRP ETF.