XRP in Spotlight as Bitwise Files for 10 Crypto Index ETF with SEC: Latest Update
Ripple has been in the spotlight recently as Bitwise Investment Management filed for a 10-Crypto Index Exchange-Traded Fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This ETF will track the Bitwise 10 Large Cap Crypto Index, including major cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, Cardano, Uniswap, Polkadot, Chainlink, Avalanche, and Bitcoin Cash.
Bitwise’s proposal, submitted on November 14, 2024, aims to list the ETF on NYSE Arca, with Coinbase Custody handling digital assets’ custody and The Bank of New York Mellon managing cash custody, administration, and transfer agency services.
The ETF will rebalance monthly to align with changes in the top 10 large-cap cryptocurrencies by market capitalization. As of October 31, 2024, Bitcoin and Ethereum dominate the index, followed by smaller allocations for Solana, XRP, Cardano, and others.
Bitwise’s filing emphasizes transparency and regulatory compliance, with plans to use reference prices from reputable digital asset trading platforms like Coinbase and Kraken, verified by CF Benchmarks Ltd., a UK-regulated administrator. The SEC will evaluate the application, seeking public comments to determine if the fund meets regulatory requirements.
If approved, this ETF could mark a significant step toward mainstream adoption of cryptocurrencies, offering investors a regulated and diversified way to gain exposure to the digital asset market. Bitwise had previously filed for separate spot ETFs for Solana and XRP, following the SEC’s recent approval of spot Bitcoin and Ethereum ETFs. This approval set a precedent for funds holding physical digital assets, with Bitwise expanding this framework to a diversified basket of cryptocurrencies.
