WisdomTree, recognized for its advances in cryptocurrency ETFs, recently filed for an XRP ETF in the US, highlighting its ambitions to broaden its crypto offerings.
XRP ETF Application
On December 2, WisdomTree officially submitted a Form S-1 to the SEC for the proposed launch of its new fund, the WisdomTree XRP ETF. If approved, the ETF would enable investors to gain exposure to XRP by listing its shares on the Cboe BZX Exchange. The process hinges on the SEC's decision and may incorporate a cash-create method for issuance and redemption of shares.
Coinbase's Role in the Fund
Playing a critical role in this ambition, Coinbase affiliates have been named as the designated custody provider and prime execution agent. WisdomTree acknowledges Coinbase’s considerable influence in fortifying the presence of spot XRP ETFs in the US market.
Market Competitors
In the competitive landscape, WisdomTree's application accompanies similar filings by Bitwise, Canary Capital, and 21Shares. Bitwise initiated the race with its spot XRP ETF filing in October, marking its early entry into the market. Canary Capital sought SEC approval soon after. In collaboration with ARK Invest, 21Shares introduced a proposal for its Core XRP Trust in November.
With growing interest in cryptocurrency ETFs, WisdomTree shows determination to solidify its position while competing with other market players.
