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WisdomTree, an early issuer of spot Bitcoin exchange-traded funds (ETFs) in the U.S., has submitted a filing for a spot XRP ETF, making it the fourth company to do so. Filed with the U.S. Securities and Exchange Commission (SEC) on Dec. 2, the proposed WisdomTree XRP Fund seeks to provide investors direct exposure to XRP through shares listed on the Cboe BZX Exchange.
The ETF would use a cash-create model for issuing and redeeming shares, with the potential to transition to an in-kind model pending further regulatory approvals. Coinbase, a leading U.S. cryptocurrency exchange, is named as both the XRP custodian and prime execution agent. WisdomTree already relies on Coinbase for its spot Bitcoin ETF, which launched in January.
WisdomTree joins Bitwise, Canary Capital, and 21Shares in pursuing spot XRP ETFs. Bitwise was the first to file in October, followed by Canary Capital and 21Shares in November. These filings come as XRP has surged in market value, recently becoming the third-largest cryptocurrency globally. Approval of WisdomTree’s XRP ETF could further solidify the token’s standing in institutional markets.
