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Bitwise registered a trust entity, which is a step prior to applying.
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XRP ETFs have been rumored for several months now.
Investment firm Bitwise took a step towards creating an exchange-traded fund (ETF) based on XRP, the Cryptocurrency issued by Ripple. The company registered a trust entity in Delaware, a move that precedes the formal application to launch the ETF.
On Monday, September 30, registered the entity “Bitwise XRP ETF” as a statutory trust in the Division of Corporations of the state of Delaware, with the registered address at 251 Little Falls Drive, Wilmington, New Castle County.
This registration marks the first formal step towards creating an XRP ETF, similar to previous steps taken by Bitwise, Blackrock, Fidelity and other companies for XRP ETFs. Bitcoin/” target=”_blank” rel=”noreferrer noopener”>bitcoin and Ethereum.
This registration marks the first formal step towards the creation of an XRP ETF. Source: Delaware Division of Corporations. Automatic translation by Google
A Bitwise spokesperson confirmed the authenticity of the record, stating: “We can now confirm that this is legitimate and from Bitwise.” This confirmation clarifies previous rumors and speculation about Bitwise’s intention to enter the ETF market with XRP.
However, XRP price did not show any significant reaction to this announcement. Despite the news, XRP recorded a drop of almost 7% in one day, falling from USD 0.62 to USD 0.59. The cryptocurrency followed the general bearish trend that affected all digital assets.
XRP price did not show any significant reaction to this announcement. Source: CoinMarketCap.
The interest in a ETFs of XRP is not new. The cryptocurrency market has discussed this possibility, and analysts such as Mandela Amoussou have expressed their belief in the viability of this investment vehicle. Amoussou noted that XRP is a “strong candidate” for an ETF given its trading volume and structure, as reported by CriptoNoticias.
Furthermore, Standard Chartered bank projects the arrival of XRP ETFs to the market, although it anticipates this for 2025. This prediction, based on market analysis and the evolution of financial regulation, suggests a growing and sustained interest in XRP and its potential as an asset within traditional investment structures.
The registration of the trust entity by Bitwise not only moves towards the materialization of an XRP ETF, but also reflects the growing acceptance of cryptocurrencies in regulated financial markets. While the market did not immediately react positively to the announcement, the mere existence of a path to the listing and trading of an XRP ETF marks a milestone in the integration of cryptocurrencies into institutional investment.
This move by Bitwise, while still in its early stages, could be a prelude to greater adoption and normalization of digital assets within traditional investment portfolios, although the exact timing of its implementation remains uncertain.
This article was created using artificial intelligence and edited by a human Editor.
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