Originally published on: December 02, 2024
WisdomTree, a pioneer in the world of spot Bitcoin exchange-traded funds (ETFs), is now venturing into the realm of XRP. In a recent development, the company has officially filed to launch a spot ETF backed by the popular digital asset XRP.
This move by WisdomTree marks a significant step in the cryptocurrency investment landscape. On December 2nd, the company submitted a Form S-1 filing with the US Securities and Exchange Commission to introduce a spot XRP ETF, joining a select group of trailblazers in the industry.
The new offering, called the WisdomTree XRP Fund, aims to provide investors with exposure to the price of XRP by issuing shares listed on the Cboe BZX Exchange. Pending approval from the SEC, the fund will use the cash-create method or potentially the in-kind model for creating and redeeming shares.
A notable aspect of this filing is WisdomTree’s collaboration with Coinbase Global, a prominent US cryptocurrency exchange. As the XRP custodian and prime execution agent for the new fund, Coinbase’s involvement underscores the growing importance of reputable partnerships in the emerging ETF ecosystem.
WisdomTree’s foray into XRP follows its successful launch of the WisdomTree Bitcoin Fund (BTCW) earlier this year. By expanding its offerings to include XRP, the company is demonstrating its commitment to providing diverse investment opportunities in the evolving digital asset market.
In filing for the spot XRP fund, WisdomTree joins a select group of ETF issuers such as Bitwise, Canary Capital, and 21Shares. These companies have also recognized the potential of XRP and are actively pursuing avenues to offer investors exposure to this digital asset.
With the crypto market continuing to garner attention and adoption, the introduction of a spot XRP ETF signals a new chapter in the investment landscape. As regulatory approvals progress and investor interest grows, WisdomTree’s latest offering could pave the way for further innovation in the industry.
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