WisdomTree has submitted a form S-1 filing with the U.S. Securities and Exchange Commission (SEC) to launch XRP spot ETF.
The WisdomTree XRP Fund was reportedly filed today, December 2nd, and thus, it would help investors to get direct exposure to the price of XRP without holding the cryptocurrency itself.
The filing states that the ETF would be listed on the Cboe BZX Exchange and Bank of New York Mellon will be the administrator of the fund. However, the custody and execution of XRP will later be carried out by Coinbase affiliates.
Meanwhile, this is not WisdomTree’s first quest to introduce a crypto ETF to its segment. Earlier this year, the company released a Bitcoin fund named “WisdomTree Bitcoin Fund (BTCW), and also subsequently unveiled the XRP product “WisdomTree Physical XRP (XRPW), which is now trading on European markets –Deutsche Börse Xetra and Swiss Exchange.
Bitwise, the first firm to offer a U.S.-based spot XRP ETF proposal in October 2024, has since then been joined by submissions from Canary Capital and 21Shares.
However, the approval of these funds remains uncertain because of the ongoing legal issue between Ripple Labs and the SEC.
The legal situation may take time to resolve, but many believe that changes at the SEC, such as the possible resignation of Chairman Gary Gensler, could influence the approval process for these funds.
Also Read: Ripple’s XRP Become Third Largest Crypto Asset by Market Cap
