WisdomTree Joins Race for XRP ETF with Delaware Trust Filing
The post WisdomTree Joins Race for XRP ETF with Delaware Trust Filing appeared on BitcoinEthereumNews.com.
WisdomTree Funds, a prominent global asset management firm specializing in exchange-traded products, has filed to establish a Delaware statutory trust entity for its proposed XRP ETF. The filing, submitted on November 25, indicates WisdomTree’s intention to launch an investment product that tracks the prices of Ripple’s native token. Typically, asset managers will lodge an S-1 registration form with the Securities and Exchange Commission (SEC) a few days after the Delaware filing. This comes after the New York-based fund manager debuted an XRP ETP in Europe last week. The product, also known as WisdomTree Physical XRP (XRPW), is available on major regional exchanges like Deutsche Börse Xetra, the Swiss Stock Exchange (SIX), and Euronext in Paris and Amsterdam. More ETfs Are Coming The proposed XRP fund is part of WisdomTree’s strategy to expand its cryptocurrency offerings. The entity’s list of products includes various physically backed crypto ETFs, such as the WisdomTree Bitcoin Fund (BTCW) which has attracted $217 million in net inflows since launch. Unlike many other asset managers that filed for spot Ethereum ETFs post-Bitcoin ETF launch, WisdomTree is seeking approval for an XRP ETF. The firm is now joining Bitwise, Canary Capital, and 21Shares in the XRP ETF race. Bitwise Asset Management was the first firm to file for an XRP ETF, submitting its application last month. Shortly thereafter, Canary Capital also filed for its own XRP ETF. 21Shares followed earlier this month. Apart from XRP ETFs, asset managers are actively seeking regulatory approval from the SEC for ETFs that track the performance of other altcoins, like Solana (SOL), Litecoin (LTC), and Hedera (HBAR). Not only that, some have deepened their ties to the cryptocurrency industry. Bitwise recently announced its support for staking STRK, the native token of Starknet. The firm will act as a validator for Starknet’s staking.…
Filed under: News - @ November 27, 2024 9:28 am