WisdomTree Files for XRP ETF as the Altcoin Surges 50%
WisdomTree, a large asset management company, has officially submitted a spot XRP exchange-traded fund (ETF) application to the SEC. The move makes WisdomTree the fourth U.S. company to seek approval for such a fund.
The proposed ETF, called the WisdomTree XRP Fund, will provide investors with exposure to the price performance of XRP through the issuance of shares listed on the Cboe BZX exchange.
SEC to decide on four XRP ETF applications
If approved, WisdomTree’s funds will use a cash creation model for share issuances and redemptions. Physical creation models can be introduced later, subject to additional approval.
this Archive Overview Coinbase Global serves as the fund’s primary execution agent and XRP custodian. Coinbase has partnered with WisdomTree Bitcoin ETF – BTCW.
“XRP holders are not even happy. 2 bucks is nothing. Wait until the RLUSD stablecoin gets mass adoption over trillions of dollars. XRP is the bridge currency. The XRP ETF is not even approved yet,” crypto whale and popular Investor Myles Gregory Wrote on X (formerly Twitter).
WisdomTree joins Bitwise, Canary Capital, and 21Shares in the race to launch a spot XRP ETF in the United States. Bitwise, with its leading edge Bitwise XRP ETF Application October 2nd. A week later, Canary Capital launched its own Apply for Canary XRP ETF.
November 1, 21Shares Apply for Core XRP Trustwhich provides indirect exposure to XRP by allowing investors to understand the market performance of the asset.
XRP becomes third largest cryptocurrency by market capitalization
The filing comes amid strong market momentum for XRP. Today, the price of the altcoin surged nearly 50%, with monthly gains exceeding 400%. XRP currently has a market capitalization of $153.5 billion, surpassing Solana USDT becomes the third largest asset.
This bullish momentum began with Donald Trump’s re-election in November and Current SEC Chairman resigns. Gensler has been critical of XRP and Ripple, leading to long legal battle XRP has been trading below $1 for over three years.
However, with Trump prepares to overhaul SECinstitutional interest in XRP surged. That’s why major asset managers like WisdomTree are moving ahead with ETF filings as regulatory pressures continue to ease.
As BeInCrypto reported last week, New York regulators also Ready to approve Ripple stablecoin RLUSD. This could further increase XRP’s liquidity, thereby affecting its price.
Overall, SEC approves spot XRP ETF The market price of altcoins can be seen reacting like Bitcoin throughout the year and significantly extending its all-time highs.
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