Bitwise Files S-1 Registration for XRP ETF, Signaling Strong Interest in Crypto Investment Products

Bitwise has taken a significant step by filing an S-1 registration with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) linked to Ripple's XRP. This move follows their recent registration of a trust in Delaware, which hints at their intentions.

With this S-1 filing, Bitwise aims to launch an ETF tied to XRP, one of the largest cryptocurrencies out there. Bitwise CEO Hunter Horsley shared the news on X, saying, “Today we filed an S-1 for a Bitwise XRP ETP! For more than a decade, XRP has been an enduring crypto asset that many investors want exposure to.”

This filing comes just a day after Bitwise established a trust entity called “XRP ETF” in Delaware. Many companies choose to register in this state, and crypto ETF issuers have often hinted at their plans through similar filings.

According to CoinDesk data, XRP ranks as the seventh-largest cryptocurrency, with a market cap of $33 billion. In contrast, its bigger rivals, Bitcoin (BTC) and Ethereum's Ether (ETH), have been available to investors as ETFs since earlier this year, showing just how popular these products have become.

Filing the S-1 is just the first step. A follow-up filing, known as the 19b-4, is necessary to initiate a required rule change at the stock exchange where the ETF will be listed. Unlike the 19b-4, which has a strict timeline for the SEC's response, the S-1 filing doesn’t guarantee a quick reply. This means it could take quite a while for Bitwise to get approval. For instance, VanEck filed an S-1 for an Ether ETF back in 2021, but it didn’t hit the market until July 2024—over three years later.

Industry expert Nate Geraci, president of the ETF Store, noted that Bitwise's effort to create an XRP-tracking fund is "highly noteworthy." He emphasized that Bitwise is a credible crypto-focused fund firm that approaches its initiatives with serious consideration.