Bitwise, an asset management firm known for its early efforts to launch a bitcoin exchange-traded fund (ETF), is reportedly looking to offer another crypto ETF.
A Sept. 30 filing shows that a statutory trust named “Bitwise XRP ETF” was registered on the state of Delaware’s Division of Corporations website. A Bitwise spokesperson confirmed the document’s authenticity to CoinDesk, which reported the news earlier today.
This filing, which lists CSC Delaware Trust Company as the registered agent, is typically the first step in the process of launching an ETF, after which Bitwise can make a formal application to the U.S. Securities and Exchange Commission (SEC).
It is worth noting that while this state registration is an important first step, it does not guarantee or indicate an imminent submission to the SEC for final approval.
In November, a fraudulent filing named “iShares XRP Trust” appeared on the same Delaware website, leading market participants to believe that BlackRock was planning on launching an XRP ETF. The filing remained on the website for over six hours, and caused the price of XRP to swing 12% higher on the day.
However, Tuesday’s news had little to no impact on the price of the Ripple-issued crypto asset. At the time of writing, XRP was trading at $0.60, down just over 3% in the last 24 hours amid a drawdown in the broader crypto market.
Earlier this year, Ripple CEO Brad Garlinghouse said “it was just a matter of time” before an “inevitable” XRP ETF was approved by the SEC.
Garlinghouse’s statements came after the U.S. District Judge Analisa Torres ruled that XRP sold on exchanges did not qualify as an unregistered securities offering in July 2023. Ripple Labs was ordered to pay a $125 million civil penalty for violating securities laws in relation to the institutional sales of XRP.
The SEC has until Oct. 7 to decide if it will challenge the Judge Torres’ ruling from last year.
