Bitwise Takes a Step Toward XRP ETF

As a seasoned researcher with years of experience navigating the complex and often volatile world of cryptocurrencies, I can’t help but feel a sense of intrigue mixed with a pinch of skepticism when it comes to news about potential Exchange-Traded Funds (ETFs). The latest rumblings about Bitwise moving towards an XRP ETF have me scratching my head, but not in disbelief.

Crypto native asset manager Bitwise is moving toward creating an exchange-traded fund tracking (XRP), the token closely associated with crypto company Ripple.

On Tuesday, the company established a trust organization within Delaware, a fact that was made public on the state’s Division of Corporations website. Setting up a trust entity marks an initial move towards applying to list and trade shares of an Exchange-Traded Fund (ETF); companies such as Bitwise, Blackrock, and Fidelity have previously filed trust entities for Bitcoin (BTC) and Ethereum‘s ether (ETH), before submitting applications for ETFs tied to those digital tokens.

A spokesperson for Bitwise confirmed that the filing was real.

“We can now confirm that this is both legitimate and from Bitwise,” the spokesperson said.

This isn’t the first time that rumors about a potential XRP ETF have circulated.

Previously, similar fraudulent filings, intended to artificially inflate the token’s value, were posted on the site.

For instance, in November, there was a seemingly fake filing for a BlackRock XRP ETF that surfaced on their website. Later, the asset manager clarified that this filing was not genuine.

Contrary to the headlines, the value of XRP remained relatively stable on Tuesday, while a significant portion of the overall market experienced steep declines during the previous day.

2024-10-02 00:37

Bitwise Takes a Step Toward XRP ETF

Read More

Minority Mindset