Key Takeaways
- • Bitwise Asset Management filed an initial registration statement on Form S-1 with the U.S. Securities and Exchange Commission for the proposed Bitwise XRP ETP, which would hold XRP directly.
- • The launch remains contingent on SEC effectiveness of the Form S-1 and approval of a Form 19b-4 filing.
- • The filing follows Bitwise's recent launch of spot Bitcoin and Ethereum ETPs and its August acquisition of ETC Group, a leading European crypto ETP issuer.
- • XRP is one of the world's largest crypto assets, with a market capitalization above $30 billion, according to the filing announcement.
Summary
Bitwise Asset Management announced that it has filed an initial registration statement on Form S-1 with the U.S. Securities and Exchange Commission for the Bitwise XRP ETP. Per the filing, the proposed fund would hold XRP directly. The launch is pending effectiveness of the Form S-1 as well as approval of a Form 19b-4 filing.
Bitwise CEO Hunter Horsley said the firm believes blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century, noting that for the past seven years Bitwise has helped investors access opportunities in the space. The filing comes on the heels of Bitwise's recent launch of spot Bitcoin and Ethereum ETPs and its acquisition in August of ETC Group, a leading issuer of crypto ETPs in Europe.
The announcement describes XRP as the digital asset powering the XRP Ledger (XRPL), a public blockchain best known for facilitating cross-border payments and remittances, with newer capabilities supporting institutional participation in decentralized finance, real-world asset tokenization, and EVM interoperability. According to the release, XRPL typically processes transactions in seconds with fees under $0.01, has more than five million active wallets, and has a decade-long track record of reliability. XRP's market capitalization is cited above $30 billion.
Bitwise's product suite now includes ETPs, index funds, alpha strategies, yield strategies, and SMA strategies spanning over 30 products in the U.S. and Europe. Founded in 2017, the firm describes itself as a specialist partner to thousands of investment professionals and financial institutions. Per the company's boilerplate, Bitwise manages $9 billion in client assets across more than 70 investment products, serves more than 5,500 private wealth teams, RIAs, family offices and institutional investors, and works with 21 banks and broker-dealers, with offices in San Francisco, New York, and London.
Bitwise CEO Hunter Horsley said the firm believes blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century, noting that for the past seven years Bitwise has helped investors access opportunities in the space. The filing comes on the heels of Bitwise's recent launch of spot Bitcoin and Ethereum ETPs and its acquisition in August of ETC Group, a leading issuer of crypto ETPs in Europe.
The announcement describes XRP as the digital asset powering the XRP Ledger (XRPL), a public blockchain best known for facilitating cross-border payments and remittances, with newer capabilities supporting institutional participation in decentralized finance, real-world asset tokenization, and EVM interoperability. According to the release, XRPL typically processes transactions in seconds with fees under $0.01, has more than five million active wallets, and has a decade-long track record of reliability. XRP's market capitalization is cited above $30 billion.
Bitwise's product suite now includes ETPs, index funds, alpha strategies, yield strategies, and SMA strategies spanning over 30 products in the U.S. and Europe. Founded in 2017, the firm describes itself as a specialist partner to thousands of investment professionals and financial institutions. Per the company's boilerplate, Bitwise manages $9 billion in client assets across more than 70 investment products, serves more than 5,500 private wealth teams, RIAs, family offices and institutional investors, and works with 21 banks and broker-dealers, with offices in San Francisco, New York, and London.
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