Bitwise, a cryptocurrency-focused asset manager, is taking steps to establish an exchange-traded fund that will track XRP, a digital asset prominently connected to the crypto firm Ripple.
This week, the company registered a trust entity in Delaware, which is now listed on the state’s Division of Corporations website. This registration marks an essential initial move in the process of filing to list and trade the shares of an ETF. Other companies, including Bitwise, Blackrock, and Fidelity, previously registered trust entities for bitcoin (BTC) and Ethereum’s ether (ETH) before submitting their ETF applications.
A representative from Bitwise has confirmed the authenticity of the filing.
“We can now confirm that this is both legitimate and from Bitwise,” stated the spokesperson.
This is not the first occasion that speculations regarding a possible XRP ETF have emerged.
Previous filings, which were ultimately deemed illegitimate, had previously been submitted on the website as an effort to inflate the token’s value.
For instance, in November, a submission for a purported BlackRock XRP ETF was listed on the website, which was subsequently confirmed by the asset manager to be incorrect.
Even with the latest developments, XRP’s price has remained relatively stable on Tuesday, in contrast to the significant decline seen across the broader market in the last 24 hours.
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