Bitwise Asset Management, a leading company in the digital asset space, has submitted an S-1 registration form to the US Securities and Exchange Commission (SEC) to launch an XRP Exchange-Traded Fund (ETF).

S-1 Form Filed for XRP ETF

The filing was made on October 2, a few weeks after Bitwise created a trust entity for the proposed XRP ETF in Delaware. If approved, this ETF would be the first spot XRP ETF in the US, although the process could be lengthy due to the ongoing legal battle between the SEC and Ripple.

Bitwise Advances in Cryptocurrency Products

In the same filing, Bitwise expressed disagreement with the SEC’s stance that XRP is a security. Ripple CEO Brad Garlinghouse supported this view and expects other asset managers to file applications for XRP ETFs. If approved, the Bitwise XRP ETF would join the company’s existing suite of cryptocurrency products, which includes Bitcoin and Ethereum ETFs.

Race in the Cryptocurrency ETF Market

Bitwise is not alone in this endeavor. Companies like Grayscale, VanEck, and 21Shares are also exploring options to offer ETFs beyond Bitcoin and Ethereum. For example, Grayscale recently launched a Ripple asset tracker for accredited investors, which could potentially be converted into an ETF in the future.

Bitwise’s application for an XRP ETF represents a significant step towards expanding the regulated cryptocurrency market. The approval of this ETF could have a substantial impact on the market.