TL;DR
- Bitwise filed a Form S-1 with the SEC to launch an XRP ETP.
- The proposed fund would hold XRP directly and seek to provide exposure to the cryptoasset.
- XRP is recognized for its role in cross-border payments and its capabilities in decentralized finance (DeFi).
Bitwise Asset Management has taken a significant step by filing a Form S-1 with the U.S. Securities and Exchange Commission (SEC) for its new product, the Bitwise XRP ETP.
This fund, if approved, would allow investors to directly access XRP, one of the most important cryptoassets on the market with a capitalization of more than 30 billion dollars.
This proposal is part of Bitwise’s ongoing efforts to create innovative financial products that facilitate exposure to digital assets.
Today we filed an initial registration statement on Form S-1 for a new Bitwise XRP ETP.
“We believe blockchains will usher in new apolitical monetary assets and permissionless applications for the 21st century,” said Bitwise CEO Hunter Horsley. “We aim to help investors access…
— Bitwise (@BitwiseInvest) October 2, 2024
XRP, the cryptocurrency that powers the XRP Ledger (XRPL), is primarily known for its ability to facilitate fast and inexpensive cross-border payments and remittances.
Additionally, XRPL has expanded its functionality in recent years, enabling the tokenization of real-world assets and institutional participation in decentralized finance (DeFi).
This makes XRP an attractive asset for investors looking to diversify their portfolio in the growing world of cryptoassets.
Bitwise, which has previously launched Bitcoin and Ethereum ETPs, continues to consolidate its leadership in the cryptoasset market
The acquisition of ETC Group in August this year strengthens its presence in Europe and underlines its commitment to global expansion.
With a broad range of products including alpha strategies, index funds and separately managed accounts, the firm offers investors a variety of options to access this dynamic market.
Bitwise and the future of cryptoasset investments
Bitwise’s move reflects a trend in the financial sector where asset managers are looking to expand their cryptocurrency offerings.
In recent years, digital assets have gained relevance, especially among institutions and financial advisors.
XRP, in particular, has managed to stand out not only for its transaction efficiency, but also for its decade-long track record of reliability, with over five million active wallets globally.
The launch of the Bitwise XRP ETP will be contingent on SEC approval, marking another milestone in the growth of cryptoassets within the traditional financial system.
Although Bitwise already has more than 30 financial products in the United States and Europe, its focus on innovation and simplified access to these assets remains key to its growth.
The cryptoasset market, however, remains volatile and high-risk, with considerable price fluctuations and regulatory challenges.
Despite this, companies like Bitwise are confident that blockchain technology will continue to transform the global financial landscape, providing apolitical monetary solutions and decentralized applications that will redefine the 21st century economy.
Ultimately, the Bitwise XRP ETP offering is indicative that demand for financial products offering exposure to digital assets continues to rise, and that companies like Bitwise are willing to lead this change by offering accessible solutions for institutional and individual investors alike.