WisdomTree, a company managing $113 billion in exchange-traded funds, has registered an ETF entity in Delaware. This indicates that the company may soon file an S-1 registration for an XRP exchange-traded fund with the US Securities and Exchange Commission, following in the footsteps of Bitwise and Canary Capital who have also submitted requests to launch spot XRP ETFs.
WisdomTree is among a number of Wall Street firms that have already launched a spot bitcoin ETF, which currently has $367 million in assets under management. Additionally, WisdomTree was granted approval in May to list physically-backed bitcoin and ether exchange-traded products on the London Stock Exchange.
Bitwise’s filing for an XRP ETF stated that cryptocurrency should not be considered a security, a view that differs from the SEC’s previous stance. Bitwise argued that XRP, being a decentralized digital asset, is not subject to the protections of US federal securities laws since ownership is reflected on a decentralized ledger.
