Bitwise Advances XRP ETF Filing for NYSE Listing
- Bitwise amends XRP ETF filing for NYSE listing and 0.34% fee.
- Launch expected in mid-November pending SEC approval.
- Substantial institutional interest signals potential market impact.
Bitwise Asset Management has finalized its XRP ETF application, adding a 0.34% fee, with the NYSE as the listing venue, potentially launching by mid-November after SEC approval.
The ETF launch signifies increasing institutional demand for XRP, influencing market dynamics, with potential effects on trading volumes and price stability from enhanced exposure.
Bitwise Asset Management has updated its XRP ETF application for an XRP Exchange-Traded Fund (ETF), including an NYSE listing and a 0.34% management fee. This amendment is widely seen as the final procedural step toward securing SEC approval.
The updated application reflects Bitwise’s strategic actions and involvement of various market players. Experts highlight the significance of choosing the NYSE for listing as it reflects a move to garner institutional investors.
Institutional interest in XRP ETFs is climbing, with multiple asset managers, including Canary, VanEck, and Fidelity, submitting filings. This competitive landscape illustrates a broader financial sector shift towards crypto-regulated products.
Financial implications include potential capital inflow into XRP, echoing the success of Bitwise’s Solana ETF. This is backed by previous market reactions to similar ETF initiatives, indicating a likely surge in XRP demand.
Market observers anticipate the SEC finalizing its approval in about 20 days, with a launch by mid-November expected unless adjustments arise. This timeframe aligns with prior notification practices for such offerings.
With regulatory frameworks improving, several ETFs like those for Solana have set precedent. Bitwise’s updated filing indicates possible shifts in ETF market standards and increasing legitimacy for crypto-based financial instruments. Eric Balchunas, ETF Analyst at Bloomberg, noted, “Bitwise just updated their XRP ETF filing to include exchange (NYSE) and fee of 0.34%, which are typically the last boxes to check.”
