WisdomTree has submitted a filing to the SEC to launch a new fund allowing investors to gain access to XRP without holding the cryptocurrency itself.
ETF Filing Details
WisdomTree submitted an S-1 form to the SEC to create an XRP fund that will be listed on the Cboe BZX Exchange. Bank of New York Mellon will act as the fund's administrator, while custody and execution of XRP operations will be handled by Coinbase affiliates.
WisdomTree's Previous Initiatives
Earlier this year, WisdomTree introduced a cryptocurrency fund called the Bitcoin Fund (BTCW). Additionally, the company launched the WisdomTree Physical XRP (XRPW) product, which is already trading on European markets such as the Deutsche Börse Xetra and Swiss Exchange.
Competition and Current Challenges
Bitwise was the first firm to submit an application for a U.S.-based XRP spot ETF in October 2024. They were followed by other firms such as Canary Capital and 21Shares. However, due to ongoing legal proceedings between Ripple Labs and the SEC, the approval of these funds remains uncertain. Changes at the SEC, such as the possible resignation of Chairman Gary Gensler, are believed to potentially influence the approval process.
WisdomTree's application for an XRP spot ETF could significantly alter the accessibility of cryptocurrencies for investors, but this depends on the resolution of legal issues and potential changes within the SEC.