The post Spot XRP ETF Race Heats Up As WisdomTree Files S-1 Application With SEC appeared on BitcoinEthereumNews.com.

Global exchange-traded fund (ETF) issuer and asset manager WisdomTree has officially submitted an S-1 application for a spot XRP ETF to the US Securities and Exchange Commission (SEC), becoming the fourth asset manager in the US to seek approval of the index fund.  Growing Interest In XRP ETF The proposed fund, named the WisdomTree XRP Fund, aims to provide investors with exposure to XRP’s price movements through shares listed on the Cboe BZX Exchange. The fund plans to utilize a cash-create method for share creation and redemption, with the possibility of adopting an in-kind model pending further approvals.  Coinbase Global affiliates will serve as the prime execution agent and custodian for XRP, having previously collaborated with WisdomTree on its Bitcoin ETF that launched in January of this year. In its filing, WisdomTree noted the importance of Coinbase in the US spot XRP ETF ecosystem, stating: Coinbase serves as the XRP custodian and prime execution agent for several competing exchange-traded XRP products and, as such, plays a critical role in supporting the US spot XRP exchange-traded product ecosystem. Other firms such as Bitwise, Canary Capital, and 21Shares have also filed for spot XRP ETFs. Bitwise was the first to file in October, followed by Canary Capital on October 9 and 21Shares with its Core XRP Trust on November 1. XRP Nears All-Time High  The XRP ETF filing comes on the heels of a significant price surge for the token, which has recorded a 41% increase in just 24 hours and a major 430% rise over the past month, boosting its market capitalization to approximately $153 billion.  Currently trading at $2.71, XRP has experienced a substantial 321% increase in trading volume, indicating strong investor interest. The token is now only 23% below its all-time high of $3.40, reached during the 2018 cryptocurrency…

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Filed under: News - @ December 3, 2024 12:18 am