Bitwise is the manager of a crypto-index fund that has applied for a slot. XRP Exchange-traded funds (ETF) “We can confirm this is a registration by us,” The Block interviewed Bitwise’s Chief Investment Officer Matthew Hougan on Tuesday. “It is a registration of a trust entity in Delaware. We can share more details and comments tomorrow.”
CSC Delaware Trust Company was listed on Monday as the agent registered in Delaware by a document submitted to Delaware Department of State Division of Corporations. This was done even though an ETF for Ripple hasn’t yet been approved in the United States. Investors predicted the XRP ETF would be approved after Ripple and the SEC settled their long-running court case. Asset management firms such as Bitwise, who currently operate Bitcoin ETFs and/or Ethereum ones, are now targeting XRP to be the next crypto-investment fund.
Bitcoin and Ethereum were the pioneers of ETF approval in the first quarter. The industry is also on a positive trajectory. This momentum helped many tokens rebound after a crash in August. XRP, one of the assets in this group, has risen 9% since August. The announcement that Bitwise has filed for an XRP-based ETF is yet to affect the price of XRP. However, it will do so in the next few hours.
SEC Could Stop Approval of Ripple ETFs?
It is possible that the SEC will decide to appeal against the XRP verdict before this week’s end. It would definitely stop any initial glances or decision-making about new ETFs. It is also rumored that Solana could have his SOL assets in line to become the new crypto ETF and not Ripple XRP.
Brad Garlinghouse of Ripple labs spoke in the summer about how Ripple could be hampered by the SEC’s efforts to prevent an XRP-based ETF. Garlinghouse was emphatic in his statement. “An XRP ETF is just simply inevitable.” The CEO of Ripple added that a timetable was not available. “I think we’re going to see it in 2025.” If Solana is first in receiving its XRP ETF, a timeframe of 2025 may be accurate if XRP then follows SOL through the application process. XRP may skip the queue if SEC fails to appeal. That would give more asset management companies the opportunity to submit XRP ETF applications. The wave may result in XRP being approved within a couple of months.
Also Read: Ripple To Break Consolidation? When Will XRP Claim Its $0.74 Level?
In the past, SEC made ETF approval difficult for Bitcoins and Ethereums. It is therefore difficult to predict a timeline that will be followed for the launch and approval of XRP-based ETFs. Bitwise won’t be the last company to apply for an XRP-based ETF.
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Source: watcher.guru
