TL;DR
- WisdomTree, with $113 billion in assets under management, is moving forward with the launch of an XRP-based ETF.
- The firm has filed with Delaware regulatory authorities to create a trust that will serve as the foundation for the ETF, which aims to track the price of XRP.
- The future of XRP ETFs could be influenced by Gary Gensler’s departure from the SEC, sparking speculation about a more favorable approach toward digital assets.
WisdomTree, one of the leading asset managers in the market with approximately $113 billion in assets under management, is making strides toward launching an XRP-based ETF.
WisdomTree has filed with Delaware regulatory authorities to establish a trust that will serve as the foundation for this new ETF. This marks a significant step in the expansion of cryptocurrency ETFs beyond major ones like Bitcoin and Ethereum, reflecting institutional asset managers’ growing interest in integrating more digital assets into their portfolios.
WisdomTree to Track XRP’s Price
The proposed ETF by WisdomTree aims to track the price of XRP, which currently ranks sixth in the cryptocurrency market by market capitalization. However, the firm has not yet specified which exchange it will use to list the ETF or the ticker symbol it will adopt. The industry is at a critical juncture, as more asset managers are venturing into the crypto market.
The Farewell to Gary Gensler
Additionally, the future of XRP ETFs could be influenced by the expected departure of Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC). With his resignation on the horizon, some experts suggest that this could be an opportunity for the SEC to reassess its stance on digital assets, potentially easing the approval of cryptocurrency ETFs, including XRP ETFs. Speculation has fueled optimism about the possibility that a change in regulatory leadership could allow for a more favorable approach toward the crypto industry.
WisdomTree’s filing adds to recent submissions from other firms, such as Bitwise and Canary Capital, which have also expressed interest in launching an XRP ETF. As a result, the cryptocurrency ETF market is expected to continue growing, opening new opportunities for the adoption of digital assets in the institutional space