Bitwise Files for XRP ETF Following Bitcoin, Ethereum Approvals

Bitwise hopes to launch another major cryptocurrency exchange-traded fund (ETF), confirming to The application to launch the ETF based on XRP—the seventh-largest cryptocurrency by market cap—comes following Securities and Exchange Commission (SEC) approvals of ETFs are popular investment vehicles that trade on stock exchanges and give investors exposure to an underlying asset. The crypto ETFs approved in the U.S. this year have been hugely popular, bringing in billions of dollars in inflows in over a short period of time. The San Francisco, California-based Bitwise is a crypto asset manager that offers clients a number of investment funds.Bitwise confirmed that the filing is real, but told Decrypt that it wouldn’t comment on a “fund that is in the filing stage.”XRP was created by the founders of Ripple, a fintech company that wants to speed up cross-border payments. The cryptocurrency and the company now operate separately. It isn’t guaranteed that the SEC will approve a XRP ETF after clashing with Ripple in a long legal battle for years. Last year, Ripple While the judge also said that $728 million worth of contracts for institutional sales The price of XRP is now trading for $0.61, up 3% over the past seven days.Additional reporting by André BeganskiEdited by Andrew HaywardEditor’s note: This story was updated after publication with additional details.