Regulation

Ripple CEO Expects More Filings Following Bitwise XRP ETF Application

Published

2 hours ago

October 2, 2024

Ripple CEO Brad Garlinghouse has predicted more asset managers could also file to offer an XRP ETF following Bitwise’s filing of the S-1 form for its Bitwise XRP ETF. Garlingouse also highlighted how significant this development is for XRP adoption, especially in traditional finance (TradFi).

Ripple CEO Expects More XRP ETFs Filings Following Bitwise Application

Brad Garlinghouse stated in an X post that this is just the beginning following Bitwise’s filing of the S-1 form for its Bitwise XRP ETF. Therefore, the Ripple CEO expects that more asset managers could file to offer an XRP ETF like Bitwise.

Garlinghouse also claimed that the application for an XRP wasn’t only a matter of time, seeing as the Spot Bitcoin and Ethereum ETFs had been approved earlier in the year. In May earlier this year, he stated that an XRP ETF was inevitable and would happen at some point. The Ripple CEO was also convinced that this would happen, considering that Analisa Torres had already declared that XRP isn’t a security in itself.

Meanwhile, the Ripple CEO stated that the move by Bitwise underscores the growing trust and integration of digital assets like XRP into TradFi. He added this marks the continued adoption and maturation of the crypto market.

Although Grayscale excluded XRP from its Q4 top 20 crypto picks, the asset manager could be one of the next asset managers to file for an XRP ETF. It is worth mentioning that Grayscale recently launched its Grayscale XRP Trust, which the asset manager could easily apply to the SEC to convert to an ETF.

Bitwise Files S-1 Form For XRP

Bitwise confirmed in a press release that it had filed the S-1 form for its Bitwise XRP ETF with the US Securities and Exchange Commission (SEC). This fund will hold XRP directly and offer institutional investors the opportunity to gain exposure to the crypto token. The launch of the Bitwise XRP ETF is pending the SEC’s acknowledgment of the filing and the approval of the form 19b-4 filing for the fund.

Speaking on this development, Bitwise CEO Hunter Horsley said,

At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century.”

He added,

It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.

Bitwise’s S-1 filing is also significant for the Ripple CEO and his firm, as it confirms that institutional investors now recognize XRP’s status as a commodity rather than a security. However, approval of the Bitwise XRP ETF and other imminent ones will depend on whether the SEC holds this view. It is worth mentioning that the Commission rejected the 19b-4 filings for the Spot Solana ETFs in August as they still have concerns over SOL’s legal status.