Bitwise is preparing to launch a new era in the crypto market with its XRP ETF move.

Cryptocurrency asset management firm Bitwise has taken a significant step towards establishing a new exchange-traded fund (ETF) based on the native cryptocurrency of the Ripple Blockchain network, XRP. By setting up a legal structure in Delaware, Bitwise is laying the groundwork for the investment fund, aiming to bring innovation to the crypto finance sector with this move.

A New Investment Fund Initiative for Crypto Markets from Bitwise

Leading asset management company Bitwise has rolled up its sleeves to create a Ripple (XRP)-focused exchange-traded fund (ETF). The company announced that it has established a legal structure in Delaware for this purpose.

Records recently published on the Delaware Division of Corporations' website confirmed this initiative. The establishment of the necessary structure for ETFs to be traded on the stock exchange constitutes the first phase of Bitwise's efforts in this direction.

In a statement from Bitwise, it was emphasized that the process is being conducted legally and by the company itself. A company spokesperson stated, "We can confirm that this initiative is legal and has been initiated by our firm."

Rumors about an XRP-based ETF had surfaced previously. It was revealed that some of the similar initiatives in the past were unfounded. For instance, in November of last year, documents emerged suggesting that BlackRock had applied for an XRP ETF, but it was later understood that these claims were not true.

Despite these developments, no significant change was observed in XRP's market value. However, declines were experienced in the overall cryptocurrency market in the last 24 hours.