Bitwise Files Form S-1 for Bitwise XRP ETP
San Francisco • Oct 2, 2024
Bitwise Asset Management announced today that it has filed an initial registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) for the Bitwise XRP ETP. Per the filing, the proposed fund would hold XRP directly.
The launch of the Bitwise XRP ETP is pending effectiveness of the Form S-1 as well as approval of a Form 19b-4 filing.
“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” said Bitwise CEO Hunter Horsley. “It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”
XRP is the digital asset that powers the XRP Ledger (“XRPL”) public blockchain. XRPL is best known for its role in facilitating cross-border payments and remittances, as well as newer capabilities that enable institutional participation in Decentralized Finance (“DeFi”), real-world asset tokenization, and EVM interoperability. XRPL typically processes transactions in seconds with fees under $0.01. It also has more than five million active wallets and a decade-long track record of reliability. Today XRP is one of the world’s largest crypto assets, with a market capitalization above $30 billion.
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.
Today, Bitwise’s suite includes ETPs, index funds, alpha strategies, yield strategies, and SMA strategies spanning over 30 products in the U.S. and Europe. Founded in 2017, Bitwise serves as a specialist partner to thousands of investment professionals and financial institutions looking to understand and access crypto assets.
Bitwise Asset Management is a global crypto asset manager with more than $15 billion in client assets and a suite of over 30 crypto investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 4,000 private wealth teams, RIAs, family offices and institutional investors as well as 15 banks and broker-dealers. The Bitwise team of over 125 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.
