SEC Reviews NYSE Arca’s Bid to Convert Bitwise XRP Fund into ETP
The post SEC Reviews NYSE Arca’s Bid to Convert Bitwise XRP Fund into ETP appeared on BitcoinEthereumNews.com.
SEC’s ETP review highlights growing institutional focus on crypto, including XRP. Ripple backs Bitwise XRP ETP, showcasing confidence in XRP’s market potential. BITW’s ETP shift may boost XRP’s role in regulated crypto investment portfolios. The U.S. Securities and Exchange Commission (SEC) acknowledged NYSE Arca’s proposal to convert the Bitwise Multi-Coin Fund into an Exchange-Traded Product (ETP). This fund, which holds XRP, reflects growing institutional interest in crypto-backed investment products. The SEC’s notice starts the regulatory process for approving the conversion. If approved, this move would further validate XRP’s position in the crypto market. Ripple plans to invest in the rebranded Bitwise Physical XRP ETP, showing its confidence in XRP’s future. Bitwise Multi-Coin Fund and ETP Proposal Details Launched in 2017, the Bitwise 10 Crypto Fund tracks the top ten cryptocurrencies by market cap. Its assets include Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Polkadot, Chainlink, Bitcoin Cash, and Uniswap, with Bitcoin and Ethereum making up most of the portfolio. XRP, with a 3.2% weighting, remains a consistent component of the fund. Notably, Bitwise rebalances the index monthly to align with changing market conditions. NYSE Arca filed the ETP conversion request under Rule 8.800-E on November 14, aligning with Bitwise’s strategy to offer regulated access to crypto assets. Read also : Bitwise Makes Move to List Crypto Index Fund on NYSE Arca The SEC is now reviewing the filing and will gather public feedback. A decision on the ETP is expected soon, potentially changing BITW from a publicly traded fund into an ETP. Ripple’s Investment and Growing Institutional Interest in XRP Ripple’s support for the rebranded Bitwise Physical XRP ETP demonstrates its commitment to expanding XRP’s adoption. The fund’s inclusion of XRP highlights its role in institutional portfolios. Since October, several financial institutions have requested SEC approval for XRP-linked investment products. These…
Filed under: News - @ November 28, 2024 4:27 pm