Bitwise XRP ETF
Bitwise Asset Management has filed an application for a U.S.-based exchange-traded fund based on the price of XRP, the world's seventh largest cryptocurrency by market value.
The Bitwise XRP ETP will directly hold XRP, according to Bitwise's S-1 registration statement to the Securities and Exchange Commission on Wednesday.
Bitwise's proposal follows less than two weeks after Grayscale Investments added an XRP trust to its cryptocurrency investment products, sparking speculation that Grayscale may issue its own XRP ETF.
Canary XRP ETF
Canary Capital, founded by Steven McClurg, the creator of Valkyrie. In the SEC filing, it explained that their XRP ETF will trade on an as-yet-unnamed exchange.
The ETF, structured as a trust, will issue shares to represent the XRP held by the trust. The value of the trust’s shares will track the price of XRP using the CME CF Ripple – Dollar Reference Rate – New York Variant.
The Trust will hold actual XRP tokens, which will be stored by an XRP Custodian, a New York State-chartered trust company specializing in digital assets.
While the custodian isn’t FDIC-insured, Canary assured that it has insurance coverage through private carriers to mitigate risks related to holding XRP.
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