Bitwise Asset Management has taken a significant step by registering an entity for an XRP exchange-traded fund (ETF) with the Delaware Division of Corporations. The move, although preliminary, sparks optimism in the cryptocurrency community, especially following Ripple CEO Brad Garlinghouse’s remarks on the inevitability of an XRP ETF. This initiative could pave the way for institutional investors to access the XRP market more robustly.
Despite being in the early stages, this development does not immediately translate to a filing with the U.S. Securities and Exchange Commission (SEC), where approval remains uncertain amidst Ripple’s ongoing legal battles. However, the recent registration indicates a forward trajectory, setting a positive tone for future engagements with regulatory bodies.
With the SEC’s history of approving bitcoin and ethereum ETFs, industry stakeholders like Garlinghouse anticipate a similar outcome for XRP. An approved XRP ETF would enhance the token’s liquidity and market appeal, potentially bringing substantial institutional investment into the blockchain sector.
