Originally published on: December 02, 2024
WisdomTree, a pioneer in launching a spot Bitcoin exchange-traded fund (ETF) earlier this year, has taken a bold step by filing for a spot XRP ETF in the United States.
On December 2nd, WisdomTree submitted a Form S-1 filing with the US Securities and Exchange Commission to introduce the WisdomTree XRP fund. This new ETF aims to provide investors with exposure to the price of XRP through shares listed on the Cboe BZX Exchange.
Pending approval from the SEC, the fund will allow for the creation and redemption of shares using the cash-create method or in exchange for cash, with potential adoption of the in-kind model in the future.
Key to this venture is WisdomTree’s partnership with Coinbase Global, where both the prime execution agent and XRP custodian are affiliated. This collaboration signifies Coinbase’s importance in supporting the US spot XRP exchange-traded product ecosystem, as stated in WisdomTree’s filing.
In joining the race for a spot XRP ETF, WisdomTree stands alongside other ETF issuers such as Bitwise, Canary Capital, and 21Shares. Bitwise, a trailblazer in spot Bitcoin ETFs, submitted its Form S-1 for the Bitwise XRP ETF in October. Following suit, Canary Capital filed for the Canary XRP ETF, and 21Shares introduced the Core XRP Trust.
With the growing popularity of cryptocurrency investments, the launch of the WisdomTree XRP fund could mark a significant milestone in the evolving landscape of exchange-traded products. Stay informed about upcoming developments in the crypto market by subscribing to our newsletter for valuable insights and trading strategies every Monday.
