Ripple ETF (XRP) on the way? Bit by bit steps with Delaware filing

Crypto asset manager Bitwise has officially filed for an XRP exchange-traded fund (ETF) in Delaware.

It marks an important step in the push towards institutional-level investment in Ripple’s native cryptocurrency.

Bitwise’s CIO says the presentation is genuine

Fox Business reporter Eleanor Terrett took to X on October 1st to break the news that Bitwise had registered an XRP ETF trust entity in Delaware, sparking anticipation for a regulated ETF linked to the token.

Shortly after, he posted an update stating that Bitwise CIO Matt Hougan had validated his scoop, confirming that the presentation was genuine. Hougan was quoted by news sources as saying, “We can confirm that this is legitimate and from Bitwise.”

Eric Balchunas, ETF analyst at Bloomberg, also emphasized that this presentation is genuine, unlike previous attempts to manipulate the market.

The filing, visible on the Delaware Division of Corporations website, does not yet mean that Bitwise has submitted the ETF proposal to the US Securities and Exchange Commission (SEC).

The process could face significant regulatory hurdles before reaching approval. The agency has not approved any spot XRP ETFs to date, and it is unclear when such a filing would occur.

In addition, the regulator is still embroiled in a high-profile legal battle with Ripple, the company behind XRP, over whether the cryptocurrency should be classified as a security.

Some quarters feel that this ongoing litigation could affect any potential XRP-related ETF filings. The SEC has until Oct. 7 to appeal last year’s ruling by U.S. District Judge Analisa Torres, which favored Ripple in its argument about programmatic sales of XRP.

Presentation influenced by politics?

Industry experts have weighed in on the matter, suggesting that political developments could also play a role. Nate Geraci, a prominent voice in the ETF space, noted that Bitwise’s decision is strategic, with a potential long-term goal of full tokenization.

He also hinted that the timing of the filing could be influenced by the upcoming US election, adding that a Trump victory could change the regulatory landscape for XRP and similar tokens.

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