WisdomTree Files for XRP ETF Trust Amid SEC Changes
WisdomTree, a global asset management firm with approximately $113 billion in assets under management, has begun the process of launching an XRP ETF.
The company recently filed to form a trust entity in Delaware, a necessary prerequisite before filing a formal filing with the U.S. Securities and Exchange Commission.
Growing optimism over XRP ETF approval
The move brings WisdomTree into the XRP ETF market along with other asset managers. Bitwise applied for a similar product last month. The trust emphasized that it uses cold storage for the majority of its XRP holdings to ensure the safety of investors Safety.
October, Canary Capital also applied to launch Spot XRP ETF. The fund will track the price of XRP using a benchmark index, pulling data from regulated exchanges.
Now, WisdomTree has become the third and possibly largest asset management company Apply For the XRP ETF. Unlike Bitwise and Canary Capital, the proposed ETF aims to track the market performance of XRP.
WisdomTree has not disclosed the fund’s exchange listing or ticker symbol.
“I have confirmed with the company that this is a legitimate application. Wisdom Tree manages more than $100 billion in assets.” Fox Business News reporter Eleanor Terrett wrote on X (formerly Twitter)
Meanwhile, XRP regains momentum in bull run Gary Gensler resigns from SEC earlier this month. The coin surged nearly 180% in November to reach its highest price in more than three years.
A leadership change at the U.S. Securities and Exchange Commission could change the agency’s stance on digital assets. Ripple Labs’ legal challenge to SEC Underscoring the need for regulatory transparency, Gensler’s departure could loosen restrictions on the XRP ETF.
Ripple has been emphasizing XRP’s potential for institutional adoption. CEO Brad Garlinghouse has previously expressed optimism Regarding the final approval of the XRP Fund. He called it an inevitable development for the asset class.
Additionally, XRP is not the only digital asset seeking ETF approval following the success of Bitcoin and Bitcoin. Ethereum ETF. VanEck and 21Shares also Apply for Solana ETF. The SEC’s current deadline for making a decision on these applications is January 6, 2025.
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