- Bitwise filed for an XRP ETF on Sept. 30
- It is registered in Delaware through CSC Delaware Trust Company
- This is an unexpected and bold initiative, but Bitwise inspires confidence
Bitwise filed for the XRP ETF on September 30 and it is registered in Delaware through CSC Delaware Trust Company.
The next big ETF run was expected by many to be Solana, but unlikely to be Ripple, especially given the very recent fight with the SEC.
However, interest in XRP is growing, which is especially evident in the Asian region, and perhaps Bitwise decided not to wait and lead the vector.
XRP ETF Application Details
Bitwise is a major cryptocurrency fund management company, and its initiative does make a difference in the crypto sector.
Nate Geraci, the President of the ETF store, said:
“Bitwise positioning to file for XRP ETF is highly noteworthy IMO. Bitwise is a highly credible crypto-native fund firm that doesn’t just throw stuff at wall. That’s simply not in their DNA. This is strategic.”
The choice to register in Delaware is also telling, as the state has favorable regulations and taxes. This is confirmed by Blackrock, which also chose Delaware to register its Ethereum ETF.
However, this doesn’t mean that the process will be quick, and even in the case of more unchallenging cryptocurrencies like Bitcoin and Ethereum it has taken months. Still, it’s a strong signal for the crypto market and a very bold one given the context of Ripple.
Probably Ripple CEO Brad Garlinghouse should want to give a much to see the SEC’s internal reaction to this filing, but a bit earlier gave more reserved and optimistic comments:
“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great.”
Conclusion
Of course, it is too early to talk about any launch of XRP ETF, and the decision will probably take longer.
However, technically, Ripple won the case and there should be no bias here, so its application should be considered on an equal footing with the others.
We’ll be watching the updates closely, stay tuned.
