WisdomTree Spot XRP ETF Seeks SEC Approval With S-1 Application

Key Points:

• WisdomTree has submitted a registration to the SEC for a spot XRP exchange-traded fund.
• WisdomTree spot XRP ETF, managed by the Bank of New York Mellon, offers institutional investors indirect exposure to the cryptocurrency.

WisdomTree has filed a Form S-1 registration statement with the United States Securities and Exchange Commission for a spot XRP ETF.

Read more: XRP Market Cap Surpassed USDT To Become The 3rd Largest Cryptocurrency 

WisdomTree Spot XRP ETF Joins Race for Approval

The move places the asset manager among a growing list of firms aiming to bring XRP-based investment products to market, including Bitwise and Canary Capital, both of which filed for XRP ETFs earlier this year.

The proposed WisdomTree spot XRP ETF would be led by the Bank of New York Mellon as trustee, fund accountant, and transfer agent. The prospectus also does not disclose a ticker symbol for the fund; it does note that the filing is incomplete, with additional updates expected to take place as the review proceeds.

With the approval, the ETF will trace the values of XRP, a cryptocurrency that has required much attention in recent years for what significance it brings to digitization in the asset classes. The WisdomTree spot XRP ETF gives institutional investors exposure to XRP but not the actual holding of the asset, which is part of the ongoing trend where focused ETFs reshape traditional investment within the crypto space.

XRP Price Climbs on Momentum of ETF Filing

The move has coincided with the past couple of days, during which the prices of XRP witnessed a giant rally. Over the past 24 hours, the altcoin has added almost 25% in value to trade at $2.37 at the time of writing, making it one of the most appealing amongst the large market cap cryptocurrencies.

XRP has managed to hold most of its recent gains despite the overall bearish trend in the crypto market, which reflects increasing interest and optimism by investors toward it.