WisdomTree files for $100 billion XRP ETF through Delaware trust
WisdomTree, a financial institution managing an impressive $113 billion in assets, has taken a big step forward in the world of cryptocurrency. The company recently filed to establish a trust entity in Delaware for a proposed XRP exchange-traded fund (ETF). This filing is an essential first move in the process of launching the ETF and will ultimately lead to a formal application to the SEC.
What makes this filing particularly exciting is that it signals a shift in the crypto world towards broadening the scope of ETFs beyond just Bitcoin and Ethereum. In fact, WisdomTree is joining a growing group of asset managers who are exploring the idea of launching an XRP ETF. Just last month, Bitwise made a similar move, followed by Canary Capital.
The proposed XRP ETF aims to track the price of XRP, which currently holds the sixth spot in the market capitalization rankings of crypto assets. While WisdomTree has not yet specified the exchange venue or ticker symbol for this potential fund, the interest in expanding into XRP ETFs showcases a trend in the industry. Asset managers are increasingly looking at other cryptocurrencies beyond Bitcoin and Ethereum for investment opportunities.
In addition to XRP, other cryptocurrencies are also entering the ETF space. Solana, Litecoin, and HBAR are also being considered for similar investment products. Recently, Bitwise submitted an S-1 registration statement for its proposed Solana ETF, following the lead of firms like VanEck, 21Shares, and Canary Capital.
This shift towards exploring a wider range of cryptocurrencies for ETFs reflects the dynamic and evolving nature of the crypto market. It’s a development worth keeping an eye on as we continue to see new and innovative ways for investors to engage with digital assets.
