Bitwise Files for Ripple (XRP) ETF in Delaware, Validates Moves

Bitwise, a prominent crypto asset manager, has officially submitted a filing for an XRP exchange-traded fund (ETF) in Delaware.

This development represents a significant advancement in the drive for institutional investment in Ripple’s native cryptocurrency.

Bitwise CIO Affirms Authenticity of Filing

Eleanor Terrett, a reporter for Fox Business, took to X on October 1 to report the news of Bitwise registering an XRP ETF trust entity in Delaware, generating excitement around a regulated ETF associated with the token.

Shortly thereafter, Terrett shared an update noting that Bitwise CIO Matt Hougan had corroborated her report, assuring that the filing is legitimate. Hougan was further quoted by various news outlets stating, “We can confirm that this is both legitimate and from Bitwise.”

Eric Balchunas, a Bloomberg ETF analyst, also stressed that this filing is authentic, unlike earlier efforts to manipulate the market.

The registration can be viewed on Delaware’s Division of Corporations website, though it does not yet indicate that Bitwise has forwarded the ETF proposal to the U.S. Securities and Exchange Commission (SEC).

There may be substantial regulatory obstacles before gaining approval. The agency has yet to endorse any spot XRP ETFs, and the timeline for such a submission remains uncertain.

Moreover, the regulator is still engaged in a prominent legal dispute with Ripple, the entity behind XRP, regarding the classification of the cryptocurrency as a security.

Some experts believe this ongoing litigation could influence any forthcoming ETF filings associated with XRP. The SEC has until October 7 to appeal last year’s ruling by District Judge Analisa Torres, which sided with Ripple concerning programmatic sales of XRP.

Is Politics Influencing the Filing?